Whirlpool India announces strategic joint venture with Elica to expand cooking business

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Whirlpool India, a majority-owned subsidiary of Whirlpool Corporation, announced that it has signed an agreement to acquire a 49% equity interest in Elica PB India. The joint venture is in line with Whirlpool India’s strategic priority to expand its cooking and built-in appliance portfolio. As part of the joint venture, Elica PB India will manufacture and distribute cooking and built-in appliances under the Whirlpool brand in India. Elica PB India is a subsidiary of Elica SpA Italy and has been operating in India since 2010. The parties expect the transaction to close in the second half of 2018. The transaction also includes put and call rights on terms set out in a shareholders agreement. “The cooking and built-in appliance space is poised for very strong growth in India based on increasing consumer demand – Sunil D’Souza, managing director at Whirlpool India, said -. Whirlpool aims to broaden its distribution and expand its portfolio of innovative products with Elica’s impressive capabilities in consumer insights, design, and manufacturing, and to bring outstanding product innovation and provide more options to the kitchens of our consumers”.