BENTON HARBOR, Mich., July 1, 2019 /PRNewswire/ -- Today Whirlpool Corporation (NYSE: WHR) completed the sale of its Embraco business unit to Kyoto, Japan-based Nidec Corporation. Embraco is a leading manufacturer of hermetic compressors for refrigeration.
Embraco was sold to Nidec for a cash purchase price of $1.08 billion, subject to customary working capital and indebtedness adjustments. The sale is consistent with the Company's strategic focus on its consumer-facing business.
"Our decision to sell the Embraco business is related to the broader goal of delivering value for consumers through cutting-edge, high-quality products that solve everyday problems," said João Carlos Brega, President, Whirlpool Latin America.
Headquartered in Brazil, Embraco has been a Whirlpool Corporation business unit since 1994. The organization has a workforce of nearly 10,000 employees in seven plants in Brazil, China, Slovakia and Mexico, along with commercial offices in the U.S., Italy and Russia.
Embraco will remain a significant supplier of hermetic compressors to Whirlpool Corporation.
About Whirlpool Corporation
Whirlpool Corporation (NYSE: WHR) is the world's leading major home appliance company, with approximately $21 billion in annual sales, 92,000 employees and 65 manufacturing and technology research centers in 2018. The company markets Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, JennAir, Indesit and other major brand names in nearly every country throughout the world. Additional information about the company can be found at WhirlpoolCorp.com, or find us on Twitter at @WhirlpoolCorp.
Whirlpool Corporation Additional Information
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SOURCE Whirlpool Corporation