Home appliance maker Whirlpool Corp. is selling its Embraco compressor business to Japan’s Nidec Corp.
Whirlpool will sell the compressor business for approximately $1.08 billion in cash. Brazil-headquartered Embraco has been a Whirlpool majority-owned business unit since 1997.
The deal does not include Embraco’s Italy facility, which the company plans to close. Whirlpool also expects to buy up $1 billion of share through a tender offer, anticipated at the price of $150 to $170 per share.
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Embraco has about 11,000 employees across eight plants in Brazil, Italy, China, Slovakia and Mexico, Whirlpool said in a statement.
Whirlpool has a major presence in Ohio. It employs 10,000 workers in the state, including about 1,000 at its Greenville facility. The plant about an hour’s drive from Dayton is one of five Whirlpool manufacturing facilities in Ohio.
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