Arcelik, Whirlpool EMEA ink contract to acquire Internationa...| MENAFN.COM

Saturday, 13 August 2022 12:31 GMT

Arcelik, Whirlpool EMEA ink contract to acquire International JSC, Whirlpool LLC


(MENAFN) Turkish household appliances giant Arcelik declared it has inked a contract with Whirlpool EMEA for the obtains of Indesit International JSC and Whirlpool LLC.

In line with an announcement on Tuesday from Arcelik, Indesit JSC and Whirlpool LLC are active in Russia, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Armenia, Georgia, Azerbaijan, Kazakhstan, Belarus as well as Mongolia.

The statement mentioned that "As of closing date, all shares of Indesit JSC and Whirlpool LLC will be directly owned, and their wholly owned subsidiary Whirlpool Kazakhstan LLP's shares will be indirectly owned, by Arcelik."

The attained companies have services in the western Russian district of Lipetsk with a whole output volume of 2.8 million units of refrigerators in addition to laundry products -- and nearly 2,500 workforces.

Arcelik also stated that "The cost of the acquisition will be no greater than an amount to be determined based on the figures within the closing balance sheet, including fixed assets and working capital, which based on the current financial information of the companies is expected to be approximately 220 million Euro [USD233 million]."

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