Whirlpool Divests Russian Business: What's On The Cards?

  • Whirlpool Corp WHR, through its subsidiary Whirlpool EMEA SpA, agreed to sell its Russian business to Arçelik A.Ş. for deferred payments.
  • The deferred payments are expected to be made over ten years and are subject to a cap based on the net asset value of the business as of closing, which is currently estimated at €220 million.
  • The sale includes the entirety of the company’s operations in Russia, including the manufacturing site in Lipetsk, Russia, and the sales organization in Moscow, Russia, as well as sales operations in Kazakhstan and other select Commonwealth of Independent States.
  • Whirlpool expects to incur a loss of $(300) million - $(400) million during the second quarter of 2022 in connection with the transaction. 
  • The sale is expected to be finalized in the third quarter of 2022.
  • Price Action: WHR shares traded higher by 4.59% at $171.40 in premarket on the last check Tuesday.

Posted In: BriefsM&ANews

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