Whirlpool Corp. announced that it has entered into a definitive agreement with Emerson Electric Co. to acquire InSinkErator, a leader in the food waste disposal industry, in an all-cash transaction for $3 billion.
“We are excited for the unique opportunity to add InSinkErator to our portfolio of leading brands. The acquisition is a clear accelerator of our ongoing portfolio transformation and aligned with our stated goals of investing in high-growth and high-margin businesses and Win Americas,” says Marc Bitzer, chairman and CEO of Whirlpool Corp. “InSinkErator is not only an iconic brand with a reputation for the highest quality and performance, but also a business that is purpose-driven and shares our vision of improving life at home. We look forward to capitalizing on the significant growth opportunities we see for this business.”
Following the close of the transaction, InSinkErator is expected to operate as a separate business as part of Whirlpool Corp.’s North America region. InSinkErator will maintain its headquarters in Mount Pleasant, Wisconsin.
The acquisition, which has been approved by the board of directors of both companies, is subject to customary closing conditions, including regulatory approvals, and is expected to close in the fourth quarter of 2022.
Greenhill & Co. served as financial advisor and Wachtell, Lipton, Rosen & Katz served as legal counsel to Whirlpool Corp.
