Whirlpool Corp. (NYSE: WHR) is buying a majority stake in Indesit Co. SpA (BIT: IND).
Indesit, headquartered in Fabriano, Italy, manufactures and distributes domestic appliances, including washing machines, dryers, diswashers, refrigerators, ovens and other products. The company's main brands are Indesit, Hotpoint and Scholtes. The purchase works out to758 million (U.S. $1.04 billion).
The company is buying FIneldo SpA's stake in the business, as well as shares from members of the Merloni family that own Indesit shares. Indesit was founded by Vittorio Merloni in 1975. Whirlpool will end up with about 66.8 percent of the business.
Benton Harbor, Michigan-based Whirlpool makes laundry and kitchen appliances, as well as heating, water filtration and other systems. In 2013, the company announced it would buy a stake in Hefei Sanyo as a means to expand in the Chinese appliance market. Before that, in 2009, Whirlpool bought WC Woods out of bankruptcy.
Other recent consumer goods deals include HanesBrands Inc.'s (NYSE: HBI) deal for intimate apparel group DBApparel for about $544 million, and Samsonite LLC's $85million purchase of Gregory Mountain Products LLC.