And finally the long wait paid off. Whirlpool sells all EMEA branch and no stew or else it continues its European activities. The communication of third quarter results of Whirlpool, which arrived on the evening of Thursday 20 October, confirmed the negative trend of the previous period in terms of sales, profits and production, but as far as the EMEA branch is concerned, a brief revelation arrived: "The EMEA strategic review - declares Marc Bitzer, president and chief executive officer of Whirlpool Corporation – is nearing conclusion with two potential strategic investors in the final evaluation phase".
Whirlpool sells the EMEA branch: possible conclusion within the year
Not only that: if the negotiations with the two finalists of the more than ten who had advanced purchase offers (all for the entire EMEA package and with a very positive evaluation for the Italian sites) do not turn out well, the company has decided to continue to stay in Europe, the Middle East and Africacontinuing his plans. But everything should come to a close by 2022 well sooner than the markets expected. Thus the mandate recently given to the executive vice president and president of Whirlpool EMEA Gilles Morel to close the transaction to divest the EMEA assets no later than June 30, 2024, is coming to an end.
Whirlpool sells but the stew won't be there
After all, reliable sources had confirmed to Firstonline the arrival of quite a few, specific expressions of interest. According to Asian sources, the pool of contenders willing to take charge of the 10 European plants plus the R&D centers with over 16 employees includes only industrial investors, no private equity, no groups of speculators who have done so much damage in recent decades with casual hit-and-run operations that often hid unclear deals.
We had written that the rumors concerned the Chinese Midea (the first years ago to come forward), the Turkish group Koc Arcelik, the korean Samsung and now the summit of the Chinese giant has also come forward Hisense, which has already invested in Europe by buying a few years ago the Slovenian Gorenje (3 factories in Europe of free-standing appliances and quality built-ins), immediately investing in doubling the factory. And rapidly increasing the catalogue, sales and marketing activities thanks also to the fact that this time the Chinese top management did not make the mistake of covering strategic roles with inexperienced and inflexible compatriots but entrusted itself to an Italian manager of great experience in white, Gianluca Di Pietro. And already in 2019 FIRSTonline had revealed that the Hisense summit wanted to expand into Europe, buying brands and factories, sparing no means. And after buying Sharp Usa and Toshiba (TVs). But, as regards the two names of the finalists, everything is very fluid since no indiscretion comes out of the pool of international experts who are negotiating contacts with the two finalists.
