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Whirlpool buying laundry equipment maker
George C. Ford
May. 19, 2015 8:05 pm
Whirlpool, the world's largest manufacturer of home appliances, plans to expand its market for commercial and industrial laundry equipment with the acquisition of a Massachusetts company.
Benton Harbor, Mich,-based Whirlpool has entered into an agreement to purchase American Dryer Corp., a Fall River, Mass., company with 230 employees, a 300,000-square-foot manufacturing facility and a state-of-the-art engineering and design center.
American Dryer (ADC) is privately owned. Whirlpool, in a news release disclosing the planned acquisition, said the terms of the transaction will not be disclosed.
Whirlpool, which operates a plant in Amana employing about 2,300, said the planned purchase will give its commercial laundry business a platform to reach new markets and channels.
'Acquiring ADC strengthens our commitment to the commercial laundry industry and is aligned to our objectives of driving growth in adjacent businesses,” said Jeff Fettig, Whirlpool chairman and chief executive officer in a news release. 'We believe this acquisition nicely complements our leadership position in the overall laundry category.”
Whirlpool expects to complete the purchase of ADC in early July. Integration will take place through the balance of this year.
Whirlpool, with about $20 billion in annual sales, has 100,000 employees and 70 manufacturing and technology research centers throughout the world.