BENTON HARBOR—Officials at Whirlpool Corp. (NYSE: WHR) announced the completion of its Embraco business unit to Kyoto, Japan-based Nidec Corp. for $1.08 billion in cash.
Embraco is a Brazil-based manufacturer of hermetic compressors for refrigeration. Owned by Whirlpool since 1994, Embraco has nearly 10,000 employees in seven manufacturing plants in Brazil, China, Slovakia, and Mexico, and offices in the United States, Italy, and Russia.
Whirlpool officials said the sale is consistent with the company’s focus on its consumer-oriented businesses.
“Our decision to sell the Embraco business is related to the broader goal of delivering value for consumers through cutting-edge, high-quality products that solve everyday problems,” said João Carlos Brega, president of Whirlpool Latin America.
Embraco will remain a significant supplier of hermetic compressors to Whirlpool.
Headquartered in Benton Harbor, Whirlpool is the world’s largest major home appliance company, with approximately $21 billion in annual sales, 92,000 employees and 65 manufacturing and technology research centers. The company markets brands such as Whirlpool, KitchenAid, Maytag, Amana, JennAir, Consul, Brastemp, Bauknecht and Indesit worldwide. More at WhirlpoolCorp.com.