Whirlpool Corporation WHR revealed its intention to enter into one or more transactions to sell up to 24% of its ownership interest in Whirlpool of India Limited (Whirlpool India) in 2024.
The company currently maintains a 75% ownership interest in Whirlpool India through a wholly-owned subsidiary, according to a regulatory filing.
Whirlpool intends to retain a majority interest in Whirlpool India after the sale transaction or transaction is completed.
The company expects to use transaction proceeds to reduce debt levels, enhancing balance sheet flexibility.
The proceeds expected to be used for debt repayment are incremental to the $500 million term loan repayment the company previously disclosed it intends to pay in the fourth quarter of 2023.
Whirlpool does not expect the sale announcement to impact previously issued full-year guidance.
Price Action: WHR shares closed higher by 1.20% at $109.63 on Wednesday.
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