Whirlpool to sell Russian assets to Turkish firm for 220 mln euros

MOSCOW, Jun 28 (PRIME) -- The U.S. home appliances producer Whirlpool plans to sell its Russian units Indesit International and Whirlpool Rus to Turkish Arcelik for around 220 million euros, according to the information of Turkish disclosure web portal KAP, released on Tuesday.

“Arcelik A.S. and Whirlpool EMEA S.p.A. have signed an agreement on the purchase by the Turkish company of the entire issued shareholding capital of Indesit International JSC and Whirlpool RUS LLC, which operate in Russia, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Armenia, Georgia, Azerbaijan, Kazakhstan, Belarus and Mongolia,” the statement read.

“The sum of the deal… is expected to total around 220 million euros… which will be calculated and paid every year during 10 years.”

The deal is subject to approval by regulatory authorities. It is to be closed until September 23.

Arcelik will receive a production facility in the Russian city of Lipetsk, with a capacity of 2.8 million refrigerators and washing machines annually, and the Stinol brand. It will also be able to use the Indesit and the Hotpoint brands in the mentioned countries.

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