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Whirlpool Corporation announced that it is buying the Insinkerator waste disposal business from Emerson Electric Company. The company is investing $3 billion in this acquisition deal.
As per Reuters, Whirlpool said on Monday, Aug. 8, that it will acquire the electric company’s food waste disposal business called the InSinkErator. The brand is said to be of the best names under Emerson which also produces hot water dispensers.
The brand will be added to Whirlpool’s expansive portfolio of home appliances. InSinkErator was first launched in 1938 and its market share in the food waste disposal sector is more than 70% which means it is the leader in its field. In 1968, the brand was acquired by Emerson and now the ownership would be transferred to Whirlpool.
"We are excited for the unique opportunity to add InSinkErator to our portfolio of leading brands. The acquisition is a clear accelerator of our ongoing portfolio transformation and aligned with our stated goals of investing in high-growth and high-margin businesses and Win Americas," Whirlpool Corporation’s chairman and chief executive officer, Marc Bitzer, said in a press release.
The company chief went on to say, "InSinkErator is not only an iconic brand with a reputation for the highest quality and performance but also a business that is purpose-driven and shares our vision of improving life at home.”
Bitzer said that they are looking forward to making the most of the growth opportunities which Whirlpool sees for this business. The company further said that it is planning to fund the purchase of InSinkErator through cash and debt.
Bloomberg reported that the all-cash deal is expected to close within the fourth quarter of this year. However, just like any other acquisition agreement, it is still subject to regulatory approvals. Once the deal is completed, InSinkErator is expected to contribute around $1.25 to Whirlpool’s earnings per share in the 2023 fiscal year.
Meanwhile, the deal comes as Whirlpool carried out a review of its business to focus on sectors with high growth and margin potential. The company will be focusing on the U.S. market for its small appliances as well as the commercial line.
