Whirlpool Corporation announced it has completed the sale of its Embraco business unit to Kyoto, Japan-based Nidec Corporation. Embraco, manufacturer of hermetic compressors for refrigeration, was sold to Nidec for a cash purchase price of 1.08 billion dollar, subject to customary working capital and indebtedness adjustments. The sale is consistent with the Company’s strategic focus on its consumer-facing business. Headquartered in Brazil, Embraco has been a Whirlpool Corporation business unit since 1994 and, according to the company, it will remain one of its significant supplier of hermetic compressors. The Embraco organization has a workforce of nearly 10,000 employees in seven plants in Brazil, China, Slovakia and Mexico, along with commercial offices in the U.S., Italy and Russia.
«Our decision to sell the Embraco business – explains João Carlos Brega, President, Whirlpool Latin America – is related to the broader goal of delivering value for consumers through cutting-edge, high-quality products that solve everyday problems.»