Nidec Corp. Purchases Embraco Compressor Business from Whirlpool Corp.
The $1.08 billion transaction is expected to close in early 2019
BENTON HARBOR, Mich. — Whirlpool Corp. announced it has entered into an agreement to sell the company's Embraco compressor business to Nidec Corp. for a cash purchase price of $1.08 billion, subject to customary working capital and indebtedness adjustments. The transaction is expected to close in early 2019 and is subject to regulatory approvals and other customary closing conditions.
“We are proud of our strong portfolio of global consumer brands,” said Marc Bitzer, CEO, Whirlpool Corp. “Since Embraco operates in the business-to-business space, this transaction enhances our strategic focus on investing in and growing our consumer-facing business. “The planned tender offer further demonstrates our commitment to returning capital to shareholders, consistent with our balanced capital allocation strategy."