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Whirlpool to Exit Russia With Sale of Operations to Arcelik

  • Company agrees to deferred payments of up to 220 million euros
  • Appliance maker has employed about 2,500 people in Russia
Updated on

Whirlpool Corp. agreed to sell the entirety of its Russian operations to Arcelik AS for deferred payments of as much as 220 million euros ($233 million) over 10 years.

The sale includes the company’s manufacturing site in Lipetsk and the sales organization in Moscow, as well as sales operations in Kazakhstan and certain other countries, Whirlpool said Tuesday in a filing. The appliance maker expects to record a loss of $300 million to $400 million in the second quarter in connection with the deal.