Elica announces the signing of an agreement for the sale to Whirlpool of India Limited of 19% of the share capital of the Indian subsidiary Elica PB India Private Ltd., together with the other Indian minority shareholders disposing of an additional 19%. Upon completion of the transaction, Whirlpool of India Limited will hold approximately 87% of Elica PB India Private Ltd., while Elica S.p.A. and the group of other Indian minority shareholders will retain a holding in the Indian company with a stake of approximately 6% each. Simultaneous to the purchase of the shareholding, Elica PB India Private Ltd. will sign new license agreements for the use of the Elica brand and the Whirlpool brand respectively in India. “We are very pleased with this transaction, which, unlike the 2018 agreements which provided for the total sale of the stake in Elica India, sees us remain shareholders and confirms the strategic partnership between Elica and Whirlpool – Giulio Cocci, Chief Executive Officer of Elica, commented -. This transaction confirms the strategic nature of the Indian market for the Elica brand and will positively impact the Group’s EPS from 2022 onwards, as well as ensuring a cash-in that will further support our growth projects in the Cooking segment and a steady flow of Royalties for the coming years”.
