Published in Manufacturing

Whirlpool to sell Italy-based plant

BY MIBIZ STAFF Thursday, September 19, 2019 11:25am

BENTON HARBOR — Home appliance manufacturer Whirlpool Corp. is selling off a manufacturing facility in Italy.

The Benton Harbor-based Whirlpool (NYSE: WHR) said in a federal securities filing that it expects to incur $127 million in total costs related to the sale of the Naples, Italy plant to a third-party purchaser, which it did not identify. 

Whirlpool on Sept. 16 signed a preliminary agreement to sell the plant and “to support costs associated with the transition,” including about $19 million in employee-related costs, $29 million in asset impairment costs and $79 million in other associated costs. It expects $122 million in costs to be incurred this year. 

The sale also will result in $98 million in future cash expenditures, $73 million of which it expects to occur this year, according to the filing. The company expects the costs and expenditures will wrap up in 2020. 

Whirlpool announced in May of this year that it was restructuring its Italian industrial plan. 

The deal is subject to various closing conditions, according to the filing.

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