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Whirlpool buys stake in Italian counterpart

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By The Associated Press
Saturday, July 12, 2014, 12:01 a.m.

Whirlpool will pay more than $1 billion for a controlling stake in Indesit, the appliance maker's counterpart in Italy.

With the deal, announced on Friday, Whirlpool will own 66.8 percent of Indesit's voting stock. Whirlpool, which owns Maytag, KitchenAid and other brands, will pay $15.06 per Indesit share.

“We believe this will ideally position us for sustainable growth in the highly competitive and increasingly global home appliance market in Europe,” Whirlpool Chairman and CEO Jeff Fettig said.

Last year, Whirlpool agreed to acquire a majority stake in Chinese appliance maker Hefei Rongshida Sanyo Electric Co. Ltd. for about $552 million.

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