Whirlpool Corporation facts for kids

Quick facts for kids
Whirlpool Corporation

Logo since 2016
Type	Public
Traded as	NYSE: WHR S&P 400 component
Industry	Home appliances
Founded	November 11, 1911; 113 years ago (1911-11-11) in Benton Harbor, Michigan, U.S.
Founders	Louis and Emory Upton
Headquarters	Benton Charter Township, Michigan , United States
Area served	Worldwide
Key people	Marc Bitzer (Chairman and CEO)
Products	Major appliances and small appliances
Revenue	US$19.45 billion (2023)
Operating income	US$916 million (2023)
Net income	US$481 million (2023)
Total assets	US$17.31 billion (2023)
Total equity	US$2.36 billion (2023)
Number of employees	≈ 59,000 (December 2023)
Footnotes / references Financials as of December 31,  2022 (2022 -12-31)[update].

Whirlpool Corporation is an American multinational manufacturer and marketer of home appliances headquartered in Benton Charter Township, Michigan, United States. In 2023, the Fortune 500 company had an annual revenue of approximately $19 billion in sales, around 59,000 employees, and more than 55 manufacturing and technology research centers globally.

The company markets its namesake flagship brand Whirlpool alongside other brands including Maytag, KitchenAid, JennAir, Amana, Gladiator GarageWorks, Inglis, Estate, Brastemp, Bauknecht, Ignis, Indesit, Consul, and, in Europe, Hotpoint (in the Americas, the Hotpoint brand is controlled by Haier).

In its domestic U.S. market, Whirlpool has eleven manufacturing facilities which employs about 15,000 workers.

History

Founding and first customers

On November 11, 1911, Louis Upton (1886–1952), who worked as an insurance salesman, and his uncle, Emory Upton, who owned a machine shop, founded the Upton Machine Company. Following a failed business venture, Lou acquired a patent to a manual clothes washer. He approached Emory to determine if he could add an electric motor to the design. With the aid of a $5,000 investment from retailing executive Lowell Bassford, they began producing electric motor-driven wringer washers. Soon after its founding, Lou's younger brother Fred joined the company.

Their first customer, the Federal Electric division of Commonwealth Edison, ordered 100 machines, but a fault in the gear transmission led the customer to threaten their return. After the machines were recalled and repaired, Federal Electric doubled the order. They remained a customer for three years, then they began producing their own washers. The loss of Federal Electric forced Upton to diversify until, in 1916, they landed Sears, Roebuck & Co. as a customer. Sears began selling two types of Upton wringer washers under the "Allen" brand, one for $54.75 and a deluxe model for $95. Sales grew quickly, and in 1921 Sears appointed Upton as their sole supplier of washers. To avoid becoming over-reliant on Sears, Upton began marketing a washer under their own brand name.

The increasing volume of sales led Upton to merge with the Nineteen Hundred Washer Company of Binghamton, New York in 1929, adopting the name Nineteen Hundred Corporation. The company was relatively unaffected by the Great Depression. During WWII, its factories were converted to armament production. In 1947, it introduced an automatic, spinner-type washer sold by Sears under the "Kenmore" brand. A year later it was sold by the company under the "Whirlpool" brand name. Lou retired as president in 1949 and was replaced by Elisha "Bud" Gray II.

In response to the post-war consumer demand for convenience products, the company launched a range of home laundry products including wringer and automatic washers, dryers, and irons. In 1949, The Nineteen Hundred Corporation was renamed as the Whirlpool Corporation. In 1951, the philanthropic Whirlpool Foundation was established.

1950s to 1980s: Early acquisitions

Whirlpool Corporation's Riverview Campus in Benton Harbor, Michigan

To better compete with more diversified manufacturers, in 1955 Whirlpool acquired Seeger Refrigerator Company and RCA's air conditioner and cooking range lines. The company changed its name to Whirlpool-Seeger Corporation and began using the RCA-Whirlpool brand name. Whirlpool acquired International Harvester Company's refrigeration plant in Evansville, IN in 1955. In 1956, a 100-acre (0.40 km²) administrative center was opened in Benton Harbor, Michigan. In 1957, the RCA Whirlpool Miracle Kitchen was introduced with an estimated 15 million television viewers. The company changed its name back to Whirlpool Corporation and brought in Robert Elton Brooker as president. At the 1959 American National Exhibition at Sokolniki Park, Moscow, Brooker presided over the Whirlpool kitchen. The Whirlpool kitchen inspired the Kitchen Debate between then Vice President Richard Nixon and Soviet Premier Nikita Khrushchev.

In 1966, Whirlpool dropped the RCA name, with the brand then being known as Whirlpool. The following year, the company introduced a 24-hour helpline. Also in 1966, Whirlpool purchased Warwick Electronics, a major television producer for Sears. The purchase also included the division Thomas Organ Company. Whirlpool exited the television market in 1976 by selling the operations to Japan's Sanyo Electronic Co., but retained the organ business for the electronic technology. By 1978, annual revenues exceeded $2 billion.

In 1986, Whirlpool acquired KitchenAid, a division of the Hobart Corporation. It also announced that it would close most of its manufacturing facilities in the St. Joseph, Michigan area by the end of 1988.

1980s to 2000s: International Expansion

In 1987, Whirlpool began selling compact washers in India and acquired a majority interest in Inglis of Canada. In 1988, Whirlpool bought a 53% stake in the large-appliance division of Philips N.V., creating a joint venture called Whirlpool International. The purchase made Whirlpool the world's largest manufacturer of major appliances, with annual sales of approximately $6 billion. The remaining 47% stake was purchased from Philips in 1991, completing the acquisition. In 1989, Whirlpool acquired the Roper brand and Bauknecht of Germany.

Whirlpool entered the Indian market in the late 1980s as part of its global expansion strategy. It founded a joint venture with the TVS Group and established the first Whirlpool manufacturing facility in Puducherry, where it manufactured washing machines. In 1995, Whirlpool acquired Kelvinator India Limited, marking an entry into the refrigerator market as well. That same year, the company acquired major shares in TVS joint venture, and in 1996, the Kelvinator and TVS acquisitions were merged to create Whirlpool of India Limited. This expanded the company's portfolio on the Indian subcontinent to include washing machines, refrigerators, microwave ovens, and air conditioners. Whirlpool of India Limited is headquartered in Gurgaon, and it owns three manufacturing facilities at Faridabad, Puducherry and Pune.

In 1997, the company acquired a majority stake in Embraco, a Brazilian maker of compressors for refrigeration. In 2000, it acquired Brazilian appliance maker Multibrás, owner of the brands Brastemp and Consul, including its stake in Embraco. In 2001, Inglis Ltd. changed its name to Whirlpool Canada. Whirlpool continues to market Inglis appliances to this day.

2000s to present: Growth and closures

By 2004, annual revenues exceeded $13 billion. In 2005, Maytag Corporation shareholders voted to accept Whirlpool Corporation's stock purchase. After the U.S. Justice Department approved the merger in 2006, the company acquired Maytag, including the Maytag, Jenn-Air, Amana, Jade, Magic Chef, Admiral, and Hoover. It sold Amana Commercial to AGA.

In 2007, Whirlpool sold Hoover to Techtronic Industries, TTI Floorcare, and Jade Appliances to Middleby Corporation. It also closed plants in Newton, Iowa, Searcy, Arkansas, and Herrin, Illinois, resulting in the loss of 4,500 jobs in the affected communities. In 2008, Whirlpool announced the closure of plants in La Vergne, Tennessee, Reynosa, Mexico, Oxford, Mississippi, and Jackson, Tennessee.

In 2009, Whirlpool acquired WC Woods from bankruptcy and closed the company's Evansville, Indiana plant.

A Whirlpool employee creates appliances at the Cleveland, Tennessee, plant on Oct. 1, 2010

In 2011, Whirlpool celebrated its 100th anniversary and unveiled its 100th anniversary logo and an updated corporate logo. It also took over the former KarstadtQuelle brand Privileg from Otto GmbH.

In 2011, Whirlpool announced the closure of the Fort Smith Arkansas plant. The following year Whirlpool opened a manufacturing plant in Cleveland, Tennessee replacing a 123-year-old facility. The $200 million project added about 130 jobs to an established workforce of 1,500. The 1-million-square-foot (93,000 m²) facility manufactures premium cooking appliances for Whirlpool's portfolio of brands. The project includes a distribution center.

In August 2013, Whirlpool announced it would acquire a 51% majority stake in China's Hefei Royalstar Sanyo (a joint venture between Japan's Sanyo Electric Co, now a unit of Panasonic Corp, and Hefei State-Owned Assets Holding Company Ltd, the investment arm of the local state government) for $552 million and give the company leverage to expand in the Chinese appliance market.

In July 2014, Whirlpool announced it would pay €758 million ($1 billion) to buy a 60% stake in the Italian rival Indesit. In December Whirlpool completed a successful mandatory tender offer for the remaining shares and de-listed Indesit from the Milan Stock Exchange. Indesit is now a wholly-owned subsidiary of Whirlpool Italia Holdings S.r.l.

In January 2017, Whirlpool announced that it would cut about 500 jobs from its Europe, Middle East, and Africa dryer manufacturing units by 2018. This decision provides the closure of the plant in Amiens, France, which became an issue in the 2017 French presidential election, with both Marine Le Pen and Emmanuel Macron visiting the workers on strike before the second round.

In October 2017, Whirlpool and retailer Sears Holding Corp. reportedly ended their 101-year old association that allowed Whirlpool branded appliances to be sold at Sears stores, and later at Kmart. The companies reportedly were unable to come to an agreement on pricing issues. Whirlpool will continue to supply Kenmore appliances manufactured for Sears.

In March 2020, Whirlpool Corporation announced the official opening of a new Factory Distribution Center in Tulsa, Oklahoma.

In November 2022, Whirlpool acquired the Wisconsin-based garbage disposal manufacturer InSinkErator.

Supermicro will replace Whirlpool in the S&P 500 starting at market open March 18, 2024. It was possible after the sequential decline in Whirlpool's market cap, from 14,2B in the end of 2021 to less than 6B in March 2024.

Carbon footprint

Whirlpool Corporation reported Total CO2e emissions (Direct + Indirect) for the twelve months ending 31 December 2020 at 663 Kt (-21 /-3.1% y-o-y) and is committed to reaching net zero emissions by 2030.

NASA partnership

In 1962, the company's research laboratories won a contract from NASA to develop the food and waste management system for Project Gemini. The company later developed freeze-dried ice cream in 1968 under contract to NASA for the Apollo missions. Returning to work with NASA under the Johnson Space Center's Advanced Exploration Systems Logistics Reduction and Repurposing project in 2021, Whirlpool developed a zero-gravity refrigerator in partnership with Purdue University and Air Squared to investigate long term food storage for deep space exploration.

Major brands

Showroom in Hong Kong

Specialty labels

• Admiral-branded appliances are sold exclusively at Home Depot, the brand was also formerly sold at Montgomery Ward stores until the company's demise in 2001.
• Crosley branded top-load washing machines are made for Crosley Appliances
• Falabella branded appliances are made for Falabella (South America Only)
• FSP (Factory Specification Parts)
• IKEA branded appliances were made for IKEA (North America Only)
• Kenmore branded appliances were made for Sears. Although other designations were used, 110, 665, 880 and 106 are common first 3 digits in the model number of a Kenmore product built by Whirlpool.