Whirlpool plans to acquire 49% in Elica PB

KOLKATA: American white goods maker Whirlpool on Saturday announced plans to acquire 49% in kitchen hood and cooking equipment maker Elica PB India for an undisclosed amount.Whirlpool India said the investment is in line with its strategic priority to expand the cooking and built-in appliance portfolio. As part of the deal, Elica PB India will manufacture and distribute cooking and built-in appliances under the Whirlpool brand in India.Elica PB India is a subsidiary of Elica SpA Italy and has been operating in India since 2010. The parties expect the transaction to close in the second half of 2018, as per a media release. Sunil D’Souza, managing director of Whirlpool India said the cooking and built-in appliance space is poised for very strong growth in India based on increasing consumer demand. "Whirlpool aims to expand its portfolio of innovative products with Elica’s impressive capabilities in consumer insights, design, and manufacturing and also broaden its distribution. This association will bring outstanding product innovation and provide more options to the kitchens of our consumers," said D’Souza.Pralhad Bhutada, CEO of Elica PB India said the company has built a very strong product portfolio and distribution network for the Elica brand."With the addition of Whirlpool products, we will be offering two very appealing appliance brands to the Indian consumers and we are confident that we can take both these brands to greater heights," he said.

from The Economic Times https://ift.tt/2kGN8Q7