Jan 17 (Reuters) – U.S. home appliances maker Whirlpool Corp (WHR.N) said on Tuesday it would divest major parts of its Europe, Middle East and Africa (EMEA) business and form a new Europe-focused entity with Turkish household appliances manufacturer Arcelik.
The new entity will consist of Whirlpool’s major domestic appliance business in Europe and Arcelik’s (ARCLK.IS) major domestic appliance, consumer electronics, air conditioning and small domestic appliance businesses, the company said in a statement.
Whirlpool will own 25% of this new entity, while Arcelik will have the rest, the U.S.-based company added.
Separately, Whirlpool also said it will sell the entirety of its Middle East and Africa business to Arcelik, while retaining ownership of its EMEA KitchenAid small domestic appliance business.
Reporting by Akanksha Khushi in Bengaluru; Editing by Subhranshu Sahu and Rashmi Aich
Our Standards: The Thomson Reuters Trust Principles.