By Chris Wack

 

Emerson Electric Co. said Monday it is selling its InSinkErator business to Whirlpool Corp. for $3 billion.

InSinkErator makes food waste disposers and instant hot water dispensers for home and commercial use. Its trailing 12-month revenue as of March 31 was $595 million, with pretax earnings of $148 million, Emerson said.

Whirlpool said it expects the acquisition to be immediately accretive to its earnings.

The transaction is expected to close in Emerson's 2023 fiscal year.

Whirlpool said it plans to initially fund the acquisition through available liquidity, with new debt put in place at a later date.

 

Write to Chris Wack at chris.wack@wsj.com

 

(END) Dow Jones Newswires

August 08, 2022 07:34 ET (11:34 GMT)

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