: Whirlpool plans to sell up to 24% of its stake in Whirlpool of India in 2024, use proceeds to reduce debt

Whirlpool Corp. WHR said Thursday it’s planning to enter one or more transactions to sell up to 24% of its stake in Whirlpool of India Ltd. in 2024. The appliance maker currently holds a 75% stake in the India unit via a wholly owned subsidiary and is planning to retain a majority interest in the company once the transactions are completed. Proceeds will be used to pay down debt, boosting balance sheet flexibility. “Proceeds expected to be used for debt repayment are incremental to the $500 million term loan repayment that the Company previously disclosed it expects to pay in the fourth quarter of 2023,” the company said in a regulatory filing. Whirlpool continues to view India as a “significant” market for growth and core to its strategy. The stock was not yet active premarket, but is down 25% in the year to date, while the S&P 500 SPX has gained 18.5%.

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