Reuter reported earlier today that U.S. home appliances maker Whirlpool is folding its European business into a new company controlled by Turkish rival Arcelik, reducing its exposure to a market where it had warned attractive profit margins could be some way off.
Whirlpool’s 38 European subsidiaries and 9 production sites located in Italy, Poland, Slovakia, and the UK, as well as Arçelik’s 2 production facilities in Romania and 25 European subsidiaries, will come together to result in a production capacity of approximately 24 million white goods per year.
Whirlpool also said it had agreed to sell its Middle Eastern and African businesses to Arcelik, which the Turkish firm said was for 20 million euros ($21.65 million) in cash.
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