Appliance maker Whirlpool South Africa, which is also responsible for the Indesit, Ariston, and KIC brands in South Africa, has been sold.
On Tuesday the local operation confirmed an agreement had been entered into at the end of June, and said it expects the sale to close in the third quarter – after its parent company warned shareholders how much its exit from South Africa will cost.
In reporting its second quarter financial results, the New York listed Whirlpool Corporation said selling its South African operations would come with a $35 million write-down of assets, and a $33 million “cumulative foreign currency translation adjustments”, a total equivalent to a little under R950 million.
The parent company provided no further details on the transaction.
Whirlpool South Africa was not much more forthcoming. It would not say who the buyer is, instead describing and “ownership group is comprised of former Whirlpool exec
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