Whirlpool Enters Into An Agreement To Acquire American Dryer Corporation

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Whirlpool Corporation has entered into an agreement to acquire American Dryer Corporation (ADC), a privately held company that manufactures and markets coin-operated, on-premise, industrial and specialty laundry equipment. The planned acquisition gives Whirlpool Corporation’s commercial laundry business a platform to reach new markets and channels, while building on a strong foundation of industry-leading innovation, quality, and service.

“Acquiring ADC strengthens our commitment to the commercial laundry industry and is aligned to our objectives of driving growth in adjacent businesses,” stated Jeff M. Fettig, Whirlpool Corporation Chairman and Chief Executive Officer. “We believe this acquisition nicely complements our leadership position in the overall laundry category.”

“Our Maytag and Whirlpool brands have a strong heritage in commercial laundry,” said Brett Dibkey, Vice President, North American Integrated Business Units for Whirlpool Corporation. “The addition of ADC is yet another step toward our goal of building the industry’s best, most reliable full line of commercial laundry equipment.”

Whirlpool Corporation expects to close on the purchase of ADC in early July with integration activities happening throughout the balance of 2015. ADC is headquartered in Fall River, MA and is home to approximately 230 employees, a 300,000 square foot manufacturing facility and state-of-the-art engineering and design center. The ADC manufacturing facility will become a valuable part of the Whirlpool manufacturing portfolio. Terms of the planned, non-reportable transaction will not be disclosed.

About Whirlpool Corporation
Whirlpool Corporation (NYSE: WHR) is the number one major appliance manufacturer in the world, with approximately $20 billion in annual sales, 100,000 employees and 70 manufacturing and technology research centers throughout the world in 2014. The company markets Whirlpool, KitchenAid,Maytag, Consul, Brastemp, Amana, Bauknecht, Jenn-Air, Indesit and other major brand names in more than 170 countries. Additional information about the company can be found at WhirlpoolCorp.com, or find us on Twitter at @WhirlpoolCorp.

Whirlpool Additional Information
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release relating to the agreement to acquire ADC constitute “forward-looking statements” within the meaning of the U.S. federal securities laws. These statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance and will not necessarily be accurate indications of whether or not, or the times at or by which, events will occur. Actual performance may differ materially from that expressed or implied in such statements. These statements rely on assumptions which may or may not be realized. For information about the factors that could cause such differences, please refer to our Annual Report on Form 10-K for the year ended December 31, 2014, including the information set forth under the caption “Risk Factors.”

SOURCE Whirlpool Corporation
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AMERICAN DRYER ENTERS INTO AGREEMENT TO BE ACQUIRED BY WHIRLPOOL

FALL RIVER, Massachusetts – May 18, 2015. American Dryer Corporation (“ADC”) announced that it has entered into an agreement to be acquired by Whirlpool Corporation. The planned acquisition gives Whirlpool Corporation’s commercial laundry business a platform to reach new markets and channels, while building on a strong foundation of industry-leading innovation, quality, and service.

“The acquisition of ADC by Whirlpool is an important milestone in the evolution of innovative global commercial laundry equipment”, said Chris FitzGerald, CEO of ADC. “Whirlpool Corporation commercial laundry business and ADC are each leaders in global commercial laundry innovation and development. Together they will be able to offer an impressive array of commercial laundry equipment as well as significant research and development capabilities. I firmly believe this combination will be good for both Whirlpool and ADC, and just as importantly it will be good for ADC’s customer base due to the expanded product portfolio as well as the combined strength of the two companies in manufacturing and R&D”.

Whirlpool Corporation expects to close on the purchase in early July with integration activities happening throughout the balance of 2015. ADC is headquartered in Fall River, MA and is home to approximately 230 employees, a 300,000 square foot manufacturing facility and state-of-theart engineering and design center. The ADC manufacturing facility will become a valuable part of the Whirlpool manufacturing portfolio. Terms of the planned transaction will not be disclosed.

About American Dryer Corporation
American Dryer Corporation (ADC), a Stonebridge Partners portfolio company, is trusted by commercial and industrial laundry distributors and facilities worldwide for the supply of innovative, engineering-driven product designs that improve efficiency and performance, extend product life, and enhance serviceability. Since its founding 50 years ago, the company has become one of the world’s leading manufacturers and suppliers of commercial and industrial laundry equipment. Headquartered in Fall River, Massachusetts, ADC is proud of its heritage as an innovative designer and manufacturer of world-class products. Additional information about the company can be found at www.ADCLaundry.com

About Whirlpool Corporation
Whirlpool Corporation (NYSE: WHR) is the number one major appliance manufacturer in the world, with approximately $20 billion in annual sales, 100,000 employees and 70 manufacturing and technology research centers throughout the world in 2014. The company markets Whirlpool, KitchenAid,Maytag, Consul, Brastemp, Amana, Bauknecht, Jenn-Air, Indesit and other major brand names in more than 170 countries. Additional information about the company can be found at WhirlpoolCorp.com,

About Stonebridge Partners
Stonebridge Partners was founded in 1986 as an operations-oriented private investment firm with an interest in acquiring well-managed companies or divisions of public companies with purchase prices between $30 million and $200 million. Within this segment, Stonebridge has historically focused on niche manufacturing
industries, including building products, infrastructure, specialty packaging and specialty manufacturing. During its three decades of activity, Stonebridge has invested over $600 million of capital in 59 separate acquisitions. More information on Stonebridge Partners can be found at StonebridgePartners.com.

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