PR91945

GURUGRAM, India, Sept. 28, 2021 /PRNewswire=KYODO JBN/ --

Whirlpool of India Ltd. (NSE: WHR; BSE: 500238) today announced that it has

entered into a share purchase agreement with Elica S.p.A (MTA: ELC) to acquire

an additional stake in Elica PB India.  Elica PB India will become a

majority-owned subsidiary of Whirlpool India and its financial statements will

be consolidated within Whirlpool India. The transaction is expected to close by

the end of September 2021.  Both organizations will continue to run their

operations similar to their current state.

Whirlpool India currently owns a 49% stake in the Elica PB India Private

Limited and will acquire an additional ~38% equity interest for ~US$57 million

to bring its total equity ownership to ~87%. Whirlpool India initially acquired

a 49% equity interest in Elica PB India in 2018.

"We are very excited about this transaction and it aligned with our ambition to

accelerate profitable growth in India," said Vishal Bhola, Managing Director,

Whirlpool India. "Cooking and built-in appliances are under-penetrated

categories and the demand has now accelerated with consumers picking up cooking

as a passion and investing more in their kitchens. Our consumers have always

been at the heart of our business and now with both Elica and Whirlpool brands,

we are in an even better position to improve life at home for them."

Speaking about the transaction, Pralhad Bhutada, CEO and Director of Elica PB

India said, "Over the last decade, Elica PB India has built a very strong

product portfolio and distribution network in India, which it has been

harnessing for the last three years to build both the Elica and Whirlpool

brands in the cooking category. I am confident that with our continued

relationship, we will offer consumers a more comprehensive range of innovative,

premium cooking solutions for both brands."

Whirlpool is an iconic brand and one of the industry leaders in laundry and

refrigeration in India. Elica is renowned for its attention to aesthetics,

innovation and quality in product development and diverse insights of

consumers' cooking needs.  Since the beginning of the joint venture, Elica PB

India also brought their strong distribution network and made Whirlpool cooking

products widely accessible in the marketplace.  Together Whirlpool India and

Elica PB India create value and synergy offering relevant cooking and built-in

solutions to make consumers' lives easier and they can spend more time taking

care of their families.

#whirlpoolindia #everydaycare #elicapbindia #improvinglivesathome

#kitchenappliances

About Whirlpool India

Whirlpool of India Limited headquartered in Gurugram, is one of the leading

manufacturers and marketers of major home appliances in the country. Whirlpool

entered India in the late 1980s as part of its global expansion strategy and

presently owns three state-of-the-art manufacturing facilities at Faridabad,

Pondicherry and Pune. Each of the manufacturing set-up features an

infrastructure that is witness of Whirlpool's commitment to providing its

consumers with forward-looking solutions. Additional information about the

Company can be found at https://www.whirlpoolindia.com

About Elica PB India Private Limited

Elica SpA formed a joint venture, Elica PB India Private Limited in India, in

2010. The manufacturing unit in India is located in Pune, Maharashtra. The

manufacturing plant is well-equipped with machinery, automated assembly lines

and equipment imported from Italy. Each process of manufacturing receives

technical assistance from Italy, with a manufacturing capacity to produce

diverse models of kitchen hoods, hobs and cooktops.

Whirlpool Corporation Additional Information

This press release contains forward-looking statements about Whirlpool that

speak only as of this date. Whirlpool disclaims any obligation to update these

statements. Forward-looking statements in this document may include, but are

not limited to, statements regarding growth and brand leadership in India.  

Many risks, contingencies and uncertainties could cause actual results to

differ materially from Whirlpool's forward-looking statements.  Additional

information concerning these risks, contingencies, uncertainties and other

factors can be found in Whirlpool Corporation's filings with the Securities and

Exchange Commission, including the most recent annual report on Form 10-K,

quarterly reports on Form 10-Q, and current reports on Form 8-K.

Additional information concerning these risks, contingencies, uncertainties and

other factors can be found in Whirlpool of India's filings with the Securities

and Exchange Board of India.

Source: Whirlpool Asia