BENTON
HARBOR, Mich., Nov. 1, 2022
/PRNewswire/ -- Whirlpool Corporation (NYSE: WHR) today announced
the completion of its acquisition of InSinkErator, the world's
largest manufacturer of food waste disposers and instant hot water
dispensers for home and commercial use, from Emerson. (NYSE:
EMR).
"On behalf of everyone at Whirlpool, I am excited to welcome the
InSinkErator team, as we continue to execute on our vision of
improving life at home," said Marc
Bitzer, Chairman and CEO of Whirlpool Corporation. "This
acquisition advances the Company's ongoing portfolio transformation
and aligns with our long-term value creation goals."
Whirlpool expects to generate revenue upside by capitalizing on
InSinkErator's leading consumer brand preference, an installed base
that is five times larger than the rest of the industry driving a
recurring sales profile, and the expansion of the InSinkErator
brand into new markets and product offerings. As previously
stated, the acquisition is expected to be immediately accretive to
Whirlpool Corporation's margins, adding approximately $1.25 EPS accretion in fiscal 2023. Whirlpool
Corporation's 2022 guidance is unchanged. InSinkErator will
operate as a separate business as part of Whirlpool Corporation's
North America Region and maintain its headquarters in Mount Pleasant, Wisconsin, and its manufacturing operations in
Racine, Wisconsin.
"Our team is excited about the future ahead with Whirlpool
Corporation, and we see how perfectly InSinkErator fits within the
company's portfolio of brands," said Joe
Dillon, President of InSinkErator. "We look forward to
working hand in hand to bring consumers the best kitchen experience
in the world."
About Whirlpool
Corporation
Whirlpool Corporation (NYSE: WHR) is committed to being the best
global kitchen and laundry company, in constant pursuit of
improving life at home. In an increasingly digital world, the
company is driving purposeful innovation to meet the evolving needs
of consumers through its iconic brand portfolio, including
Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana,
Bauknecht, JennAir, Indesit, Yummly and InSinkErator. In
2021, the company reported approximately $22
billion in annual sales, 69,000 employees and 54
manufacturing and technology research centers. Additional
information about the company can be found at
WhirlpoolCorp.com.
About InSinkErator
Headquartered in Mount
Pleasant, Wisconsin,
InSinkErator is the world's largest manufacturer of food waste
disposers and instant hot water dispensers for home and commercial
use. For over 80 years, the company has delivered long-lasting
innovative products, with superior grind and sound performance,
trouble-free operation, fast, easy installation, and a We Come To
You® In-Home Limited Warranty. InSinkErator has established an
international presence that reaches nearly 80 countries, with
subsidiaries in Australia,
Brazil, Canada, China, Mexico, New
Zealand and the United
Kingdom.
Whirlpool Additional
Information
This document contains forward-looking statements about
Whirlpool Corporation and its consolidated subsidiaries
("Whirlpool") within the meaning of Section 27A of the Securities
Act of1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. Whirlpool intends such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with those safe harbor
provisions. Any statements made in this press release that are not
statements of historical fact, including statements regarding our
future financial results, acquisition-related earnings accretion,
revenue generation, long-term value creation and strategic goals,
and portfolio transformation are forward-looking statements and
should be evaluated as such. Such statements can be identified by
the use of terminology such as "may," "could," "will," "should,"
"possible," "plan," "predict," "forecast," "potential,"
"anticipate," "estimate," "expect," "project," "intend," "believe,"
"may impact," "on track," and similar words or expressions. Many
risks, contingencies and uncertainties could cause actual results
to differ materially from Whirlpool Corporation's forward-looking
statements, including the risk that we may not realize the
synergies and financial benefits from the transaction.
Additional information concerning 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. These cautionary statements should not be construed by
you to be exhaustive and the forward-looking statements are made
only as of the date of this press release. We undertake no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
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SOURCE Whirlpool Corporation