On Thursday, Whirlpool Corp revealed its plan to divest up to 24 per cent of its ownership interest in Whirlpool of India in 2024, aiming to alleviate debt levels.
The company, not disclosing the deal value, assured that the sale would not impact its previously provided full-year forecast, as detailed in a filing.
Whirlpool of India recently reported a 23.7 per cent decline in second-quarter profits, citing subdued demand and heightened competition in the home appliances sector.
Currently holding a 75 per cent ownership stake through a wholly-owned subsidiary, Whirlpool, headquartered in Michigan, will retain a majority interest in the Indian company post-sale.
