Emerson Completes the Sale of the InSinkErator Business to Whirlpool Corporation

Rhea-AI Summary

Emerson (NYSE: EMR) has finalized the sale of its InSinkErator® division to Whirlpool Corporation (NYSE: WHR) for $3.0 billion. InSinkErator is the largest manufacturer of food waste disposers and instant hot water dispensers globally, founded in 1938 and acquired by Emerson in 1968. The acquisition enables Whirlpool to enhance InSinkErator's legacy and growth potential. Emerson focuses on providing innovative solutions in essential industries, while Whirlpool aims to be the leading global kitchen and laundry company.

Positive

• Successful completion of the sale of InSinkErator for $3.0 billion, enhancing liquidity for Emerson.
• Whirlpool's acquisition of InSinkErator may provide long-term growth opportunities.

Negative

• None.

ST. LOUIS--(BUSINESS WIRE)-- Emerson (NYSE: EMR) today announced it has completed the previously announced sale of its InSinkErator^® business to Whirlpool Corporation (NYSE: WHR) for $3.0 billion.

InSinkErator, the world’s largest manufacturer of food waste disposers and instant hot water dispensers for home and commercial use, was founded in 1938 and acquired by Emerson in 1968. Whirlpool Corporation, a leader in the home appliance industry, is well positioned to build on InSinkErator’s strong legacy and performance for long-term growth and success.

About Emerson

Emerson (NYSE: EMR) is a global technology and software company providing innovative solutions for the world’s most essential industries. Emerson is an automation leader that helps process, hybrid and discrete manufacturers optimize operations, protect personnel, reduce emissions and achieve their sustainability goals through its unmatched automation portfolio, including its majority stake in AspenTech. For more information, visit Emerson.com.

About Whirlpool Corporation

Whirlpool Corporation (NYSE: WHR) is committed to being the best global kitchen and laundry company, in constant pursuit of improving life at home. In an increasingly digital world, the company is driving purposeful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, JennAir, Indesit and Yummly. In 2021, the company reported approximately $22 billion in annual sales, 69,000 employees and 54 manufacturing and technology research centers. Additional information about the company can be found at WhirlpoolCorp.com.

Forward-Looking and Cautionary Statements

Statements in this press release that are not strictly historical may be “forward-looking” statements, which involve risks and uncertainties, and Emerson undertakes no obligation to update any such statements to reflect later developments. These risks and uncertainties include, among others, those set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221030005029/en/

For Emerson

Investor contact: Colleen Mettler 314-553-2197

Media contact: Charlotte Boyd 952-994-8607

Source: Emerson

FAQ

What is the significance of Emerson's sale of InSinkErator to Whirlpool?

The sale of InSinkErator for $3.0 billion enhances Emerson's liquidity and allows Whirlpool to leverage the brand for future growth.

What will Emerson do with the proceeds from the InSinkErator sale?

Although not specified, proceeds from the $3.0 billion sale are expected to improve Emerson's financial flexibility and potential for reinvestment.

How does the sale of InSinkErator impact Emerson's business strategy?

The sale aligns with Emerson's strategy to focus on its core automation and software technologies while improving its financial position.

When did the sale of InSinkErator to Whirlpool take place?

The sale was completed today, as announced by Emerson.

What are the future prospects for InSinkErator under Whirlpool?

Whirlpool aims to build on InSinkErator's legacy, positioning it for long-term growth in the home appliance sector.