Whirlpool Corp. (WHR) announced the completion of the strategic review of its EMEA business. The company will contribute its European major domestic appliance business, and Arcelik will contribute its major domestic appliance, consumer electronics, air conditioning, and small domestic appliance businesses into a newly formed entity of which Whirlpool will own 25% and Arcelik 75%. The new entity is expected to have combined sales of over 6 billion euros. The combined businesses are anticipated to generate cost synergies of over 200 million euros. Post closing, Whirlpool expects full-year cash provided by operations and free cash flow to increase by approximately $100 and $250 million, respectively. Separately, Whirlpool agreed in principle to the sale of Whirlpool's Middle East and Africa business to Arcelik.
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