04:00 AM EDT, 04/02/2024 (MT Newswires) -- Whirlpool (WHR) said early Tuesday it has finalized a deal with appliance maker Arcelik to create a new European appliance and consumer electronics company, called Beko Europe.

The new company combines Whirlpool's European major domestic appliance business with Arcelik's European appliance and consumer electronics businesses.

Whirlpool retains a 25% stake in Beko, with Arcelik owning the rest. Two members of Whirlpool's executive committee will join Beko's board of directors.

The company said the transaction is expected to add $750 million in net present value of future cash flow value and unlock $200 million to $300 million of incremental free cash flow in 2025.

Whirlpool additionally said it completed the sale of its Middle East and North Africa business to Arcelik.

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