2023-11-30 05:32:19 pm | Source: Reuters
Whirlpool to sell 24% stake in India business to reduce debt
Whirlpool Corp said on Thursday it will sell up to 24% of its ownership interest in Whirlpool of India Ltd in 2024 in an effort to reduce debt levels.
The company did not disclose a deal value and does not expect the sale to impact its previously issued full-year forecast, Whirlpool said in a filing.
Whirlpool of India reported a 23.7% drop in second-quarter profit earlier this month, as the home appliances maker grappled with weak demand amid stiff competition.
Michigan-based Whirlpool currently maintains a 75% ownership interest in the Indian company through a wholly-owned unit, and will retain a majority interest after the sale.
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