UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 8.01. | Other Events |
On November 30, 2023, Whirlpool Corporation (the “Company”) announced its intention to enter into one or more transactions to sell up to 24% of its ownership interest in Whirlpool of India Limited (“Whirlpool India”) in 2024. The Company currently maintains a 75% ownership interest in Whirlpool India through a wholly-owned subsidiary, and intends to retain a majority interest in Whirlpool India following completion of such transaction or transactions.
The Company expects to use transaction proceeds to reduce debt levels, which will enhance balance sheet flexibility. Proceeds expected to be used for debt repayment are incremental to the $500 million term loan repayment that the Company previously disclosed it expects to pay in the fourth quarter of 2023.
The Company continues to see India as a significant marketplace for growth and an integral part of the Company’s growth strategy. The Company remains committed to expand the business with new product launches and the recently acquired Elica India business.
The Company does not anticipate this announcement to impact previously issued full-year guidance.
Cautionary Statements Regarding Forward-looking Statements
Certain statements in this Current Report on Form 8-K relating to the transaction, majority ownership, use of proceeds, debt repayment, guidance impact and the Whirlpool India business constitute “forward-looking statements” within the meaning of the federal securities laws. These statements reflect management’s current expectations regarding future events and speak only as of the date of this current report. There can be no guarantee that the transactions described herein will be consummated by the date noted in this current report or at all, or that the Company’s expectations regarding ownership status and use of proceeds will be maintained. Forward-looking statements involve significant risks and uncertainties, and should not be read as guarantees that transactions will be consummated during the referenced time period or at all. Important factors that could cause actual results to differ materially from these expectations include, among other things, the ability to complete the transaction or transactions described herein. In addition to these risks, reference should also be made to the factors discussed under “Risk Factors” in Whirlpool Corporation’s periodic filings with the Securities and Exchange Commission. Although the forward-looking statements contained in this current report are based upon what are believed to be reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward-looking statements, and the differences may be material. These forward-looking statements are made as of the date of this current report and, except as expressly required by applicable law, Whirlpool Corporation assumes no obligation to update or revise them to reflect new events or circumstances.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Form 8-K Report to be signed on its behalf by the undersigned hereunto duly authorized.
| WHIRLPOOL CORPORATION | ||
| By: | /s/ Bridget K. Quinn | |
| Name: | Bridget K. Quinn | |
| Title: | Deputy General Counsel and Corporate Secretary | |
| Date: | November 30, 2023 | |