Whirlpool Corp WHR disclosed a new technology center in St. Joseph, Michigan, with over $60 million investment.
The 153,000-square-foot project expands and replaces most of the company's current St. Joseph Technology Center.
This is the first of a three-phase plan to redesign an iconic research and development facility.
The new facility will focus on designing and testing washers, dryers, dishwashers, and small appliance products, including the famous KitchenAid Stand Mixer.
The company expects the construction work to continue in 2024.
"This transformative project will help Whirlpool attract top talent, put more people on paths to good-paying, high-skill jobs, and continue our mission to help anyone 'make it' in Michigan. Our unemployment rate is the lowest it has been in 23 years, we are moving forward on housing and community revitalization projects across the state, and we just delivered a bipartisan budget to lower costs, expand workforce programs, and power economic development. We look forward to continuing our work together to build a bright future," said Gov. Whitmer.
Last month, WHR reported Q2 ongoing EPS of $4.21, beating the consensus of $3.76, and sales of $4.79 billion, missing the consensus of $4.82 billion.
Price Action: WHR shares are trading higher by 0.58% at $135.10 on the last check Friday.
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