TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Whirlpool buys stake in Italian counterpart

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

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.

Subscribe today! Click here for our subscription offers.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Kennametal plans plant closings, job cuts in fallout from oil and gas decline
  2. Consol Energy posts $74M profit in fourth quarter
  3. BNY Mellon is putting iconic Citizens Bank Tower up for sale
  4. Pipeline companies weather downturn in prices of natural gas, oil
  5. BNY Mellon expands  role for treasury exec
  6. Alibaba finally called out on counterfeits
  7. Credit card privacy a myth, study shows
  8. Super Bowl ads win by playing to viewers’ emotions, experts say
  9. Emergency room visits decline as navigators steer patients to proper medical care
  10. McDonald’s works to recapture golden status
  11. Wolf signs ban on new drilling beneath state land