Whirlpool partners Arcelik in Europe, quits Middle East and Africa

, reducing its exposure to a market where it had warned attractive profit margins could be some way off.

Whirlpool also said it had agreed to sell its Middle Eastern and African businesses to Arcelik, which the Turkish firm said was for €20m in cash. 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.

Global firms have been cutting their European operations due to sluggish growth and high energy costs. Turkish exporters, meanwhile, have gained a competitive edge from a plunge in the country’s lira currency to record lows, making goods produced in Turkey cheaper to overseas buyers. “This allows us to participate in significant value creation from the repositioning of the business and cost synergies through our minority interest,” said Whirlpool CEO Marc Bitzer.

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