Bosch looks to acquire appliance maker Whirlpool report

29 Jun 2024

Bosch looks to acquire appliance maker Whirlpool report

Robert Bosch, a leading global supplier of products and services in the areas of mobility, industrial technology, consumer goods, energy and building technology, is considering a plan to acquire US-based kitchen and laundry appliance maker Whirlpool, reports citing people familiar with the development said on Saturday.

An acquisition of Whirlpool, which has a market cap of $4.8 billion, would have the potential to shake up the household appliances industry. This would also be the biggest merger in the sector after Whirlpool’s $1.7 billion acquisition of Maytag in 2006.

Reports said Bosch has been in discussions with advisers about making an offer for Whirlpool, although there was no certainty about an offer being made.

Bosch is already into the home appliance business, manufacturing a range of products, including refrigerators, washing machines, dish washers, cooking ranges etc, and an acquisition of Whirlpool would make Bosh a global giant in home appliances business.

Faced with intense competition from Asian manufactures, especially from China and South Korea, Whirlpool has offloaded its business in Europe, the Middle East and Africa.

For Bosh, the world's biggest automotive supplier, the acquisition would open up new possibilities as the market for automotive parts gets shrinking with the arrival of the electric vehicle.

Whirlpool Corp, based in Benton Harbor, has about 59,000 employees, and 55 manufacturing and research centres. The company reported $19 billion in annual sales, but with reduced profit margins in 2023.

Whirlpool recently announced plans to cut about 1,000 jobs in an effort to boost profit margins. But that, according to CEO Marc Bitzer, is the part of the process of readjustments that any business has to undertake in a tough business environment,

But, that, according to Whirlpool, is no reason for the 110-year-old company to make an exit.

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