Whirlpool selling overseas plant
An appliance maker in the region is selling one of its plants.
Benton Harbor-based Whirlpool Corporation is shedding its factory in Naples, Italy.
On Sept. 16, Whirlpool entered into a preliminary agreement to sell the plant to “a third-party purchaser and to support costs associated with the transition,” according to a company filing with the U.S. Securities and Exchange Commission. Finalization of the transaction is subject to the satisfaction of certain conditions precedent.
Whirlpool Corporation is incurring $127 million in costs to transition the plant to the seller, including $19 million in employee-related costs and $29 million in asset impairment costs, the filing says.
The sale price was not disclosed.
Whirlpool did not reply to a request for further information by press time.