Whirlpool Corporation has reduced its ownership stake in Whirlpool of India Limited following a multimillion-dollar share sale completed last week.
The company said its wholly owned subsidiary, Whirlpool Mauritius Limited, sold 14.26 million equity shares of the publicly listed India unit in an on-market trade on Nov. 27. The transaction lowered Whirlpool’s stake in Whirlpool India from 51% to roughly 40%.
“This transaction aligns with our ongoing portfolio transformation and our previously communicated intent to further reduce our 51% majority stake in Whirlpool of India. Whirlpool evaluated multiple transaction structures and determined that the market transaction provided the best value for both Whirlpool Corporation and Whirlpool of India shareholders.”
Proceeds to Pay Down Debt
According to a statement from the company, the sale generated about $166 million in gross proceeds when the deal settled on Nov. 28. Whirlpool said it plans to use the proceeds to pay down debt.
The company added that it is continuing to evaluate options to further reduce its position in Whirlpool India, consistent with its previously announced goal of lowering its equity stake by the end of the first half of 2026.
Argentina Plant Closure
The India move follows an announcement from Whirlpool Argentina on Nov. 26 that it will cease production at its Laundry Plant in Pilar. The company said it will maintain commercial and service operations to ensure continued availability of products, accessories, and spare parts. Whirlpool emphasized its continued commercial presence in Argentina, where it has operated for more than 35 years.
The Pilar plant, which opened in 2022 with an investment of $52 million, was designed to manufacture 300,000 high-capacity washing machines annually and generate more than 900 direct and indirect jobs. At the time of its launch, Whirlpool said the plant would become Argentina’s largest household appliance exporter, producing primarily for Latin American markets, including Brazil.
When it opened, the company said the facility featured advanced World Class Manufacturing processes, cutting-edge technology, and sustainable operations designed to minimize environmental impact, optimize electricity use, and ensure worker safety. Whirlpool said the plant’s closure marks a shift in its operational strategy, while reaffirming its commitment to serving Argentine consumers.
