, reducing its exposure to a market where it had warned attractive profit margins could be some way off.
The moves come after Whirlpool launched a review of its Europe, Middle East and Africa operations in April 2022 and said it planned to focus on higher margin businesses. "This allows us to participate in significant value creation from the repositioning of the business and cost synergies through our minority interest," said Whirlpool Chief Executive Officer Marc Bitzer.
The combined entity is expected to have annual sales of 6 billion euros and is likely to have more than 20,000 employees across multiple European countries.The U.S. firm said the Middle Eastern and African businesses being sold to Arcelik had sales of around $4.2 billion in 2021. The entirety of Whirlpool's EMEA business reported sales of $5.01 billion last year.
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