US-based Whirlpool will acquire 66.8% of the voting shares in Italy's Indesit Co corporation, Indesit Co informed.
The shares will be purchased from members of the Merloni family and from Fineldo. The transaction value, according to media reports, reaches ca. EUR 758 million.
The parties expect that the transaction will be approved and finalized before the end of 2014.
Indesit Company (Merloni Elettrodomestici until 2005) was established 1975 by its current president Vittorio Merloni. Today, Indesit is the second largest manufacturer of home appliances in Europe occupying ca. 15% of the European market, with about 13 million product units annually produced. In the Russian market, the company sells home appliances under the Ariston, Indesit, Stinol brands. The company's share of the Russian market of home appliances reaches ca. 35%.