Whirlpool to sell 24% stake in India business to reduce debt (updated)

Whirlpool of India

30/11/2023 11:26

(Adds details, context)
       Nov 30 (Reuters) - Whirlpool Corp  WHR.N  said on
Thursday it will sell up to 24% of its ownership interest in
Whirlpool of India Ltd in 2024 in an effort to reduce debt
levels.
    The company did not disclose a deal value and does not
expect the sale to impact its previously issued full-year
forecast, Whirlpool said in a filing. 
    Whirlpool of India reported a 23.7% drop in second-quarter
profit earlier this month, as the home appliances maker grappled
with weak demand amid stiff competition.
    Michigan-based Whirlpool currently maintains a 75% ownership
interest in the Indian company through a wholly-owned unit, and
will retain a majority interest after the sale.

    
    
    

 (Reporting by Kannaki Deka in Bengaluru; Editing by Devika
Syamnath)
 ((Kannaki.Deka@thomsonreuters.com;))