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Reputation: 642,713 • Nov 30, 2023 10:36 PM

Whirlpool to sell 24% stake in India business to reduce debt

Whirlpool of India reported a 23.7% drop in second-quarter profit earlier this month, as the home appliances maker grappled with weak demand amid stiff competition. Michigan-based Whirlpool currently maintains a 75% ownership interest in the Indian company through a wholly-owned unit, and will retain a majority interest after the sale.

The Economic Times

𝗡𝗲𝘄𝘀 𝗦𝘂𝗺𝗺𝗮𝗿𝘆
• Whirlpool Corp. plans to sell up to 24% of its ownership interest in Whirlpool of India Ltd. in 2024 to reduce debt levels.
• Whirlpool of India reported a 23.7% drop in second-quarter profit due to weak demand and competition.
• Michigan-based Whirlpool will retain a majority interest in the Indian company after the sale.
https://economictimes.indiatimes.com/industry/cons-produc...
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