WHIRLPOOL CORPORATION (NYSE:WHR) Files An 8-K Other Events

As previously disclosed, on April 24, 2018, Whirlpool Corporation (\”Whirlpool\”) and certain of its subsidiaries entered into a purchase agreement with Nidec Corporation (\”Nidec\”) to sell Whirlpool\’s Embraco business unit (the “Purchase Agreement”).

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On June 26, 2019, Whirlpool and Nidec received the European Commission’s final approval of Whirlpool’s sale of Embraco to Nidec (the “Transaction”). European Commission approval was the only remaining pre-closing antitrust approval required for the Transaction.

The parties expect to close the Transaction in early July. At closing, to the Purchase Agreement and a subsequent agreement memorializing the purchase price adjustment, Nidec will pay an estimated $1.1 billion to Whirlpool, in consideration for the sale of Embraco.

Whirlpool has agreed to repay outstanding term loan amounts under its $1 billion term loan agreement with Citibank, N.A., as administrative agent, and certain other financial institutions (the “Term Loan”), with the net cash proceeds received from the closing. Whirlpool anticipates that the Term Loan amounts will be repaid in the third quarter of 2019.

Whirlpool Corporation Additional Information

Certain statements in this current report relating to Whirlpool\’s expectations for transaction closing and term loan repayment constitute “forward-looking statements” within the meaning of the U.S. federal securities laws. These statements reflect management’s current expectations regarding future events and speak only as of the date of this current report. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance and will not necessarily be accurate indications of whether or not, or the times at or by which, events will occur. Actual performance may differ materially from that expressed or implied in such statements.

Reference should also be made to the factors discussed under “Risk Factors” in Whirlpool’s periodic filings with the Securities and Exchange Commission. Although the forward-looking statements contained in this current report are based upon what are believed to be reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward-looking statements, and the differences may be material. These forward-looking statements are made as of the date of this current report and, except as expressly required by applicable law, Whirlpool assumes no obligation to update or revise them to reflect new events or circumstances.

Website Disclosure

We routinely post important information for investors on our website, whirlpoolcorp.com, in the \”Investors\” section. We also intend to update the Hot Topics Q&A portion of this webpage as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our webpage is not incorporated by reference into, and is not a part of, this document.

About WHIRLPOOL CORPORATION (NYSE:WHR)

Whirlpool Corporation is a manufacturer and marketer of home appliances. The Company manufactures products in approximately 15 countries and markets products around the world under brand names, such as Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, Jenn-Air and Indesit. The Company’s segments include North America, Latin America, EMEA (Europe, Middle East and Africa) and Asia. The Company manufactures and markets a line of home appliances and related products. Its principal products are laundry appliances, refrigerators and freezers, cooking appliances, dishwashers, mixers and other portable household appliances. It also produces hermetic compressors for refrigeration systems. In the United States, it market and distribute products primarily under the Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Roper, Admiral, Affresh and Gladiator brand names primarily to retailers, distributors and builders.