BENTON HARBOR, Mich., May 18, 2015 /PRNewswire/ -- Whirlpool Corporation has entered into an agreement to acquire American Dryer Corporation (ADC), a privately held company that manufactures and markets coin-operated, on-premise, industrial and specialty laundry equipment.
The planned acquisition gives Whirlpool Corporation's commercial laundry business a platform to reach new markets and channels, while building on a strong foundation of industry-leading innovation, quality, and service.
"Acquiring ADC strengthens our commitment to the commercial laundry industry and is aligned to our objectives of driving growth in adjacent businesses," stated Jeff M. Fettig, Whirlpool Corporation Chairman and Chief Executive Officer. "We believe this acquisition nicely complements our leadership position in the overall laundry category."
"Our Maytag and Whirlpool brands have a strong heritage in commercial laundry," said Brett Dibkey, Vice President, North American Integrated Business Units for Whirlpool Corporation. "The addition of ADC is yet another step toward our goal of building the industry's best, most reliable full line of commercial laundry equipment."
Whirlpool Corporation expects to close on the purchase of ADC in early July with integration activities happening throughout the balance of 2015. ADC is headquartered in Fall River, MA and is home to approximately 230 employees, a 300,000 square foot manufacturing facility and state-of-the-art engineering and design center. The ADC manufacturing facility will become a valuable part of the Whirlpool manufacturing portfolio. Terms of the planned, non-reportable transaction will not be disclosed.
About Whirlpool Corporation
Whirlpool Corporation (NYSE :WHR ) is the number one major appliance manufacturer in the world, with approximately $20 billion in annual sales, 100,000 employees and 70 manufacturing and technology research centers throughout the world in 2014. The company markets Whirlpool, KitchenAid,Maytag, Consul, Brastemp, Amana, Bauknecht, Jenn-Air, Indesit and other major brand names in more than 170 countries. Additional information about the company can be found at WhirlpoolCorp.com, or find us on Twitter at @WhirlpoolCorp.
Whirlpool Additional Information
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release relating to the agreement to acquire ADC constitute "forward-looking statements" within the meaning of the U.S. federal securities laws. These statements reflect management's current expectations regarding future events and speak only as of the date of this press release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance and will not necessarily be accurate indications of whether or not, or the times at or by which, events will occur. Actual performance may differ materially from that expressed or implied in such statements. These statements rely on assumptions which may or may not be realized. For information about the factors that could cause such differences, please refer to our Annual Report on Form 10-K for the year ended December 31, 2014, including the information set forth under the caption "Risk Factors."
SOURCE Whirlpool Corporation