Podcasts & RSS Feeds
Most Active Stories
- This ballot proposal is critical to Michigan's economy, but most people won't bother to vote on it
- Don't like the water shut-offs in Detroit? Now you can pay someone's overdue water bill
- Approaching construction on the highway? Experts say the "zipper merge" can help
- Some think their immigrant ancestors were the last that should be allowed in the U.S.
- Michigan Republican Party's tactics remind me of Watergate, because both were unnecessary
Fri July 11, 2014
Whirlpool looks to acquire controlling stake in Italian appliance maker for $1 billion
Michigan-based Whirlpool has entered into an agreement to buy a controlling stake in an Italian appliance maker.
Whirlpool is expected to spend $1 billion to purchase more than two-thirds of the voting stock of Indesit, the company announced last night. The Italian based company employs 16,000 people. It sells appliances mostly in Western Europe under the name brands of Indesit, Hotpoint and Scholtès.
Whirlpool is already the world’s largest appliance maker, with sales last year near $19 billion. Whirlpool employs 69,000 people worldwide.
If the deal is approved by regulators, it would be Whirlpool’s largest acquisition since it took over the company’s former competitor Maytag in 2006.
Company officials hope the Indesit deal will help grow Whirlpool’s European business.