Shares of Whirlpool Corp. (WHR) climbed 2% since the company announced its plan to invest $40 million in its Greenville, Ohio Plant, in order to double its size.
This expansion, which is awaiting the approval of local and state assistance, is expected to employ 400 new people by 2018, taking the total workforce of the facility to 1,400. It was planned bearing in mind the rising demand for small appliances, particularly the stand mixer of the company’s KitchenAid brand. The expansion also reflects the company’s faith in its Greenville employees and its solid partnership with the state of Ohio.
Over the past 5 years, the total production of small appliances has doubled at the Greenville plant, which is one of the 5 Whirlpool Ohio plants, manufacturing blenders, mixers and other kitchen appliances of the KitchenAid brand and producing nearly 16,000 units a day.
With the changing consumer preferences towards premium products and the company’s latest additions to its KitchenAid brand, in different regions, Whirlpool is confident about its growth across the world.
Apart from this, Whirlpool is making other moves to augment growth. The company recently initiated the use of a more environment friendly and energy efficient technology in U.S. manufactured refrigerators and freezers, thereby taking a step towards fulfilling its corporate social responsibility.
This largest global home-appliances manufacturer partnered with Honeywell International Inc. (HON) to transform the currently used 245fa foam blowing agent technology at its U.S. manufacturing plants with the latter’s Solstice® Liquid Blowing Agent (:LBA). The conversion is expected to be completed by the end of 2014.
Over the last 102 years, Whirlpool has emerged as the leading manufacturer and supplier of major home appliances due to its sustained focus on launching innovative products and incorporating technological advancements. It is considered the largest home appliance manufacturer in the world, ahead of Electrolux AB (ELUXY), LG, Samsung, and General Electric Co. (GE). Moreover, the company is placed among major home appliance makers in India and Europe.
Currently, Whirlpool has a Zacks Rank #3 (Hold).