Whirlpool Corporation Announces New Manufacturing Facility in Tennessee
State-of-the-Art Operation to Produce Premium Cooking Appliances
BENTON HARBOR, Mich., Sept. 1 /PRNewswire/ -- Whirlpool Corporation (NYSE: WHR) today announced plans to build an approximately 1 million square foot manufacturing facility for built-in, premium cooking products in Cleveland, Tennessee. The new operation will support the company's commitment to delivering the world's most innovative cooking products, and the energy efficient, LEED-certified facility will replace the existing, 100-year old manufacturing plant located at 740 King Edward Avenue, South East. A 400,000 square foot distribution center is also planned. Whirlpool will invest $120 million in the new facility, and expects to add approximately 130 new jobs to its 1500 Cleveland employees. Construction is slated to begin in the fourth quarter of 2010.
"The new, premium cooking center of excellence that we will be building in Cleveland is evidence of our commitment to consumers and our confidence in the U.S. market," said Marc Bitzer, president, Whirlpool Corporation North America.
"We're grateful to our team in Cleveland, as well as the local, state and federal officials, who supported this project to retain and grow jobs in Tennessee," said Al Holaday, vice president manufacturing, operations and quality, Whirlpool North America. "Whirlpool is proud to employ more U.S. manufacturing workers than any appliance maker selling product in the U.S."
In addition to the announcement of the new cooking facility in Cleveland, Whirlpool cited recent investment in its U.S. operations:
-- Announcement of a new $85 million office campus and renovation of some of its facilities in headquarters location in Benton Harbor, Michigan; http://investors.whirlpoolcorp.com/phoenix.zhtml?c=97140&p=irol-newsArticle&ID=1448155&highlight=
-- Acquisition of the former WC Wood facility in Ottawa, Ohio, adding 190 jobs and bringing total employment in the State of Ohio to approximately 10,000, making it the largest manufacturing center for appliances in the United States; http://investors.whirlpoolcorp.com/phoenix.zhtml?c=97140&p=irol-newsArticle&ID=1406136&highlight=
-- A $175 million investment in the company's laundry facilities in Ohio, which will produce the most energy and water efficient laundry products ever made;
-- A $20 million investment in its Amana, Iowa refrigeration plant to drive improved productivity and efficiency;
-- The announcement of a new $40 million, one million square foot regional distribution center in Wilmer, Texas, which will be energy efficient, LEED certified and help drive increased efficiencies for the organization.
"Whirlpool continues to invest in our US-based manufacturing footprint. We have a strong commitment that this is an excellent place to invest and create value for both our customers and our shareholders. In 2010, a year of continued, significant economic challenge, Whirlpool continues to invest in innovation, our employees, and the infrastructure needed to ensure we continue to lead the industry with truly innovative products that meet the changing needs of consumers," said Jeff M. Fettig, chairman and chief executive officer, Whirlpool Corporation. "Today's announcement for $120M in Cleveland Tennessee is the largest single investment we've ever made anywhere in the world and reinforces our commitment to the competitiveness of U.S. manufacturing."
About Whirlpool Corporation
Whirlpool Corporation is the world's leading manufacturer and marketer of major home appliances, with annual sales of approximately $17 billion in 2009, 67,000 employees, and 67 manufacturing and technology research centers around the world. The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Consul, Bauknecht and other major brand names to consumers in nearly every country around the world. Additional information about the company can be found at http://www.whirlpoolcorp.com.
This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries ("Whirlpool") that speak only as of this date. Whirlpool disclaims any obligation to update these statements. Forward-looking statements in this document may include, but are not limited to, statements regarding expected earnings per share, cash flow, productivity and material and oil-related prices. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool's forward-looking statements. Among these factors are: (1) changes in economic conditions which affect demand for our products, including the strength of the building industry and the level of interest rates; (2) the effects of the global economic crisis on our customers, suppliers and the availability of credit; (3) Whirlpool's ability to continue its relationship with significant trade customers, and the ability of these trade customers to maintain or increase market share; (4) intense competition in the home appliance industry reflecting the impact of both new and established global competitors, including Asian and European manufacturers; (5) the ability of Whirlpool to manage foreign currency fluctuations; (6) product liability and product recall costs; (7) litigation and legal compliance risks; (8) the ability of Whirlpool to achieve its business plans, productivity improvements, cost control, leveraging of its global operating platform, and acceleration of the rate of innovation; (9) inventory and other asset risk; (10) fluctuations in the cost of key materials (including steel, oil, plastic, resins, copper and aluminum) and components and the ability of Whirlpool to offset cost increases; (11) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost-effective manner; (12) health care cost trends, regulatory changes and variations between results and estimates that could increase future funding obligations for pension and other postretirement benefit plans; (13) Whirlpool's ability to obtain and protect intellectual property rights; (14) information technology system failures and data security breaches (15) global, political and/or economic uncertainty and disruptions, especially in Whirlpool's significant geographic regions, including uncertainty and disruptions arising from natural disasters or terrorist attacks; (16) the effects of governmental investigations or related actions by third parties; (17) the impact of labor relations; (18) our ability to attract, develop and retain executives and other qualified employees; (19) changes in the legal and regulatory environment, including environmental and health and safety regulations. Additional information concerning these and other factors can be found in Whirlpool Corporation's filings with the Securities and Exchange Commission, including the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K.
SOURCE Whirlpool Corporation
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