Whirlpool Corp has announced its intention to divest up to 24% of its ownership stake in Whirlpool of India Ltd in 2024 as part of a debt reduction strategy.
The company, in a filing, did not disclose the deal’s value and assured that the sale is not expected to impact its previously provided full-year forecast.
Earlier this month, Whirlpool of India reported a 23.7% decline in second-quarter profit, attributing it to weak demand and intense competition in the home appliances sector.
Whirlpool Corp, based in Michigan, presently holds a 75% ownership interest in the Indian company and anticipates retaining a majority stake following the sale.
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