BENTON HARBOR, Mich.,
May 18, 2015 /PRNewswire/ --
Whirlpool Corporation has entered into an agreement to acquire
American Dryer Corporation (ADC), a privately held company that
manufactures and markets coin-operated, on-premise, industrial and
specialty laundry equipment.
The planned acquisition gives Whirlpool Corporation's commercial
laundry business a platform to reach new markets and channels,
while building on a strong foundation of industry-leading
innovation, quality, and service.
"Acquiring ADC strengthens our commitment to the commercial
laundry industry and is aligned to our objectives of driving growth
in adjacent businesses," stated Jeff M.
Fettig, Whirlpool Corporation Chairman and Chief Executive
Officer. "We believe this acquisition nicely complements our
leadership position in the overall laundry category."
"Our Maytag and Whirlpool brands have a strong
heritage in commercial laundry," said Brett
Dibkey, Vice President, North American Integrated Business
Units for Whirlpool Corporation. "The addition of ADC is yet
another step toward our goal of building the industry's best, most
reliable full line of commercial laundry equipment."
Whirlpool Corporation expects to close on the purchase of ADC in
early July with integration activities happening throughout the
balance of 2015. ADC is headquartered in Fall River, MA and is home to approximately
230 employees, a 300,000 square foot manufacturing facility and
state-of-the-art engineering and design center. The ADC
manufacturing facility will become a valuable part of the Whirlpool
manufacturing portfolio. Terms of the planned, non-reportable
transaction will not be disclosed.
About Whirlpool Corporation
Whirlpool Corporation
(NYSE: WHR) is the number one major appliance manufacturer in the
world, with approximately $20 billion
in annual sales, 100,000 employees and 70 manufacturing and
technology research centers throughout the world in 2014. The
company markets Whirlpool, KitchenAid,Maytag,
Consul, Brastemp, Amana, Bauknecht,
Jenn-Air, Indesit and other major brand names in more
than 170 countries. Additional information about the company can be
found at WhirlpoolCorp.com, or find us on Twitter at
@WhirlpoolCorp.
Whirlpool Additional Information
CAUTIONARY
STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
Certain
statements in this press release relating to the agreement to
acquire ADC 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 press release.
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. These statements rely on assumptions
which may or may not be realized. For information about the
factors that could cause such differences, please refer to our
Annual Report on Form 10-K for the year ended December 31, 2014, including the information set
forth under the caption "Risk Factors."
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SOURCE Whirlpool Corporation