Whirlpool: completion of the transaction with Arçelik for Beko Europe

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Marc Bitzer, Whirlpool’s Chairman and Chief Executive Officer.

Whirlpool Corporation announced the completion of the transaction with Arçelik: this marks a significant step in Whirlpool’s portfolio transformation. The transaction creates a new European appliance company by combining Whirlpool Corporation’s European major domestic appliance business with Arcelik’s major domestic appliance, consumer electronics, air conditioning, and small domestic appliance businesses. Whirlpool Corporation now owns 25 percent of this new entity, called Beko Europe B.V., and Arcelik owns 75 percent. Whirlpool Corporation is retaining ownership of InSinkErator and its EMEA KitchenAid small and major domestic appliance business. Separately, Whirlpool also completed its previously announced sale of the Middle East and Africa business to Arçelik. “The completion of this transaction highlights our significant progress to transform into a higher-growth, higher-margin business – said Marc Bitzer, Whirlpool’s Chairman and Chief Executive Officer –. As a more focused and agile company, we are well-positioned to drive value and further our commitment to improving life at home”. Beko Europe will have combined revenue of approximately €5.5 billion based on 2023 results. The newly formed company has more than 20,000 employees and a production capacity of approximately 24 million home appliance products per year across 11 production sites. “We set clear targets to grow our business – Hakan Bulgurlu, CEO of Arçelik, commented – and transform our industry over the last ten years, all while delivering value for our consumers, our customers, our employees and our shareholders. Our growth has been propelled by considered acquisitions and ground-breaking joint ventures with leading businesses such as Singer in Bangladesh and Hitachi in Asia. The creation of Beko Europe and acquisition of Whirlpool’s MENA assets mark yet another pivotal milestone in Arçelik’s journey and our tenth year of continuous growth. As one of the global leaders, with strong positions in mature and high growth markets, today we reinforce our ability to be a force for progress and change, in service of planet and people”.