Whirlpool to sell Embraco compressor business to Japan’s Nidec

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Apr 24, 2018 #Asia / Pacific, #Company News, #Content produced in Bangalore, #Corporate Events, #Cyclical Consumer Goods and Services (TRBC), #Divestitures / Spin, #Electrical Components and Equipment (TRBC), #EMBRACO, #Europe, #Financials (Legacy), #Financials (TRBC), #Industrials (TRBC), #Investment Management and Fund Operators (TRBC), #Italy, #Japan, #Major News, #NIDEC, #Offs, #united states, #US, #WHIRLPOOL

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(Reuters) – Whirlpool Corp (WHR.N) said on Tuesday it agreed to sell its Embraco compressor business to Japan’s Nidec Corp (6594.T) for $1.08 billion in cash.

FILE PHOTO – The administrative entrance at the Whirlpool plant in Clyde, Ohio, U.S. October 3, 2017. Picture taken October 3, 2017. REUTERS/Aaron Josefczyk

Whirlpool also said it expects to buy back about $1 billion of shares in the form of a modified Dutch Auction tender offer.

The deal, which does not include its Italy facility, is not expected to have a material impact on Whirlpool’s 2018 financial results, it said.

Reporting by Philip George in Bengaluru; Editing by Gopakumar Warrier

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