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LONDON, UK / ACCESSWIRE / May 4, 2017 / Active Wall St. blog coverage looks at the headline from home appliances major Whirlpool Corp. (NYSE: WHR) as the Benton Harbour, Michigan based Company announced on May 02, 2017, that it is planning to acquire Yummly Inc., a Redwood City, California based food centric technology Company. The acquisition would help Whirlpool to expand and strengthen its presence in the IoT (Internet of Things) space by building a seamlessly integrated connected kitchen that is relevant to its customers. Register with us now for your free membership and blog access at:
One of Whirlpool's competitors within the Appliances space, iRobot Corp. (NASDAQ: IRBT), released on April 25, 2017, its financial results for Q1 ended April 01, 2017. AWS will be initiating a research report on iRobot in the coming days.
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Commenting on the acquisition, Brett Dibkey, Vice President, Integrated Business Units for Whirlpool Corporation said:
"We are committed to introducing new products to market that remove complexity from the day-to-day lives of consumers. Increasingly, these products will be defined by both physical and digital experiences. Yummly brings an outstanding platform on which to begin building our digital product offering."
Brian Witlin, CEO of Yummly added:
"Whirlpool's purposeful and consumer-centric approach to innovation aligns perfectly with what we do, who we are, and what we seek to create for consumers as the kitchen becomes ever-more digitally connected."
The terms of the acquisition
The financial details of the deal were not disclosed. Whirlpool mentioned that the acquisition "will not have any material impact" on its FY17 financial statements. The deal is expected to close in May 2017 subject to certain closing conditions.
Once the transaction is complete, Yummly will become a fully-owned subsidiary of Whirlpool and continue its operations from its current headquarters at Redwood City, California.
Yummly was founded by David Feller and Vadim Geshel in 2009. It is a food based technology Company that has one of the largest digital recipes platforms. It allows its users to search various types of recipes and filter them by different criteria like ingredient, cooking time, diet, allergy, nutrition, occasion, taste, technique, course, cuisine etc. The Company's platform is available to its subscribers on the web as well as a mobile app for iPhone, iPad, and Android users. As on date, the Company has over 20 million registered users and is one of the fastest growing food site and app in the world.
Benefits of the acquisition for Whirlpool
Whirlpool is one of the largest manufacturers of home appliances, especially kitchen appliances. Some of the well-known brands of the Company include Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, Jenn-Air, Indesit etc. Whirlpool is known to bring technology through its products that helps make a positive impact on the customer's life. Its ability to integrate technology with innovative products helps free up time of customers so that they can focus on things that really matter to them.
With the acquisition of Yummly, Whirlpool plans to reduce the daily stress of cooking and meal planning faced by the users of its appliances. The acquisition allows Whirlpool to strengthen its position as a leader in the emerging IoT space by bringing "purposeful, consumer-relevant innovations" to its customers. Such initiatives, reinforces the Company's commitment to create smart home by "building a seamlessly integrated connected kitchen".
Whirlpool is the number one appliance manufacturing Company in the world. It has 70 manufacturing and technology research centers across the world and is supported by a worldwide team of 93,000 employees. For the FY16, the Company recorded approximately $21 billion in annual sales.
On Wednesday, May 03, 2017, the stock closed the trading session at $187.15, slightly down 0.27% from its previous closing price of $187.66. A total volume of 897.23 thousand shares have exchanged hands, which was higher than the 3-month average volume of 790.67 thousand shares. Whirlpool's stock price advanced 9.62% in the last month, 8.20% in the past three months, and 26.38% in the previous six months. Furthermore, since the start of the year, shares of the Company have gained 3.54%. The stock is trading at a PE ratio of 16.12 and has a dividend yield of 2.14%. The Company's market share stood at $13.86 billion.
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