Amid the war in Ukraine and heightened East-West tensions, Whirlpool is getting out of Russia. The company will sell its Russian operations to an appliance company based in Istanbul, Turkey.
The deal includes Whirlpool’s manufacturing site in Lipetsk, sales organization in Moscow, and sales operations in Kazakhstan and elsewhere in eastern Europe.
The Benton Harbor-based company expects to lose between 300 and 400-million dollars in the second quarter of this year from the Russian sale. It is expected to be finalized later this year.
Whilrpool declined to further comment on the Russia decision–which was not totally unexpected–and said it would address the impact in its regular financial conference call at the end of the 2nd Quarter.
