Whirlpool Reports Acquisition

Whirlpool Corp. said today it will buy a majority stake in the large-appliance division of NV Philips of Holland for $470 million, making it the world’s largest appliance manufacturer.

Whirlpool, which is based in Michigan, said it will acquire a 53% stake in a new joint venture that will manufacture and market major appliances under the Philips brand name. Whirlpool said the purchase will make it the world leader in the industry, with annual sales of $6 billion. Electrolux of Sweden is currently the world’s largest with 1987 sales estimated at around $5.1 billion.