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.
The administrative entrance at the Whirlpool plant in Clyde, Ohio, U.S. October 3, 2017. Picture taken October 3, 2017. (Photo: Reuters)
Whirlpool also said it expects to buy back about $1 billion of shares in the form of a modified Dutch Auction tender offer.
The deal, which does not include its Italy facility, is not expected to have a material impact on Whirlpool’s 2018 financial results, it said.
