Home appliance maker Whirlpool Corp (WHR. N) said on Tuesday it agreed to sell its Embraco compressor business to Japan’s Nidec Corp (6594. T) for $1.08 billion in cash as it focuses on its consumer-facing business.
(Reuters) – Home appliance maker Whirlpool Corp ( WHR. N) said on Tuesday it agreed to sell its Embraco compressor business to Japan’s Nidec Corp ( 6594. T) for $1.08 billion in cash as it focuses on its consumer-facing business.
The deal, which does not include Embraco’s Italy facility that the company plans to close, is not expected to have a material impact on Whirlpool’s 2018 financial results, Whirlpool said.
Whirlpool also said it expects to buy back up to $1 billion of shares through a tender offer at an anticipated price of $150 to $170 per share. The offer is expected to begin on April 26.
The Benton Harbor, Michigan-based company said it intends to execute open market share repurchases throughout 2018 after the completion of the tender offer.
