BENTON HARBOR, Mich. -- Whirlpool Corp. said Wednesday it has completed acquisition of the remaining interest in Whirlpool International B.V. (WIBV) from Philips Electronics N.V., which had been a European joint venture.
The transaction makes Whirlpool the sole owner of WIBV.
The two firms announced in early June that Whirlpool would purchase Philips' 47- percent stake.
Whirlpool paid Philips 1.2 billion Dutch guilders -- equivalent to about $600 million -- for the balance of WIBV, which manufactures and markets dual-branded Philips and Whirlpool, Bauknecht, Ignis and Laden brand major home appliances in Europe and elsewhere.
Whirlpool said the purchase was financed in a mix of European currencies approximating the make-up of WIBV's cash flow, thus limiting the company's exposure to the vagaries of currency fluctuation.
WIBV is headquartered in Eindhoven, Netherlands, and maintains a management group and support center in Comerio, Italy. The Whirlpool subsidiary employs about 14,000 people in Europe, including those at 12 manufacturing facilities in five countries.
Whirlpool manufactures major home appliances in 10 countries and markets products under 10 major brand names in more than 90 countries.
