Elica sells Indian subsidiary to Whirpool
The cooker hood manufacturer will retain a minority stake
Elica, leader of the Marche group active in the production of kitchen hoods, has announced that it has completed the sale of the controlling interest held in Elica Pb India. Elica sold a stake of approximately 19% of the share capital of the Indian subsidiary to Whirlpool of India, together with the other Indian minority shareholders who sold a further stake. The consideration for the sale paid by Whirlpool of India to Elica at the same time as the closing is equal to approximately 24.6 million euros gross at today's exchange rate.
Against the sale, Whirlpool of India holds approximately 87% of Elica Pb India while Elica and the group of other Indian minority shareholders remain shareholders of the Indian company with a stake of approximately 6% each. At the same time as the acquisition of the stake by Whirlpool of India, Elica Pb India signed new agreements for the supply of products and licenses for the use of the Elica brand and the Whirlpool brand respectively in the Indian territory.
EFA News - European Food Agency