Featured Company News - Whirlpool Signs Deal with French Local Entrepreneur to Save Jobs at Amiens, France
LONDON, UK / ACCESSWIRE / September 14, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Whirlpool Corp. (NYSE: WHR), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=WHR. News Agency Reuters announced on September 12, 2017, that Whirlpool has reached an agreement with Nicolas Decayeux, a local French entrepreneur which will help save 277 jobs. These jobs were endangered due to Whirlpool's decision in January 2017 to close its manufacturing facility at Amiens, France. The report has said that the agreement with Nicolas should help in creating 277 jobs at the Amiens' site. There has been no official communication on the matter from the Company. For immediate access to our complimentary reports, including today's coverage, register for free now at:
http://protraderdaily.com/register/
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on WHR. Go directly to your stock of interest and access today's free coverage at:
http://protraderdaily.com/optin/?symbol=WHR
Background
In January 2017, Whirlpool had taken a decision to reorganize its entire Europe, Middle-East, and Africa (EMEA) dryer manufacturing operations. Because of the reorganization initiatives, the Company had taken a decision to end production of dryers at its Amiens, France facility. The Company had also decided to make changes in the operations of its facility at Yate, UK wherein the Yate's facility would focus on manufacturing only for UK market. The Company had decided to shift the entire production of dryers to its manufacturing facility located in Lodz, Poland. The Company's decision would impact 500 jobs in the EMEA region and expected to complete the entire process by FY18. A French regulation known as the Florange law requires Whirlpool to search for a buyer for its Amiens' facility and accordingly the Company is trying to find a new buyer.
Reports from various sources suggest the Company's plant in Amiens, in northern France, employed approximately 300 people and had been recording loss of up to €10 million annually. Whirlpool had announced that the plant would close on June 01, 2018.
At the time, the Company has promised to "do everything possible and commit the necessary resources" to find a buyer for the Amiens' facility. The Company pledged to implement "all social measures to identify durable solutions for the employees".
Hot topics in France's Presidential Elections
The Company's decision to shift jobs from France to Poland became a topic of national debate during France's presidential election. Presidential candidate Marine Le Pen, a far-right National Front (FN) representative and eventual Presidential election winner Emmanuel Macron, a centrist candidate, were seen at opposite sides on this matter.
Le Pen's stand was that MNC Companies like Whirlpool find it very easy to shift production from France to Poland resulting in unemployment in the country. Poland being a member of the European Union offers the same benefits of the tariff-free zone at the same time with lower labor costs. Le Pen wanted this practice to stop and introduce a tax on such relocations. However, Macron was against such steps given the changing global economic scenario and instead emphasized on plans for economic reform. When Macron visited the factory workers in April 2017, to meet the union leaders from the plant in a closed-door meeting, the meeting was ambushed by Le Pen and her supporters. They questioned his decision for a closed-door meeting. This forced Macron's hands and he engaged with the workers on live television. Macron tried to explain how reversing Whirlpool's decision was not possible and instead wanted to identify new buyers for the plant to save jobs. However, his defense of the European trade regime was not liked by the factory workers who booed and heckled him.
About Whirlpool Corporation
Benton Harbor, Michigan based Whirlpool was founded in 1898 and is one of the largest appliance manufacturers in the world. The Company's products include laundry appliances, refrigerators and freezers, cooking appliances, dishwashers, mixers, and other small domestic appliances. It also produces hermetic compressors for refrigeration systems. Some of the brands under which the Company sells its products include Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, Jenn-Air, Indesit, etc. In FY16, the Company had 70 manufacturing and technology research centers and recorded approximately $21 billion in annual sales. The Company is supported by a global team of 93,000+ employees.
Last Close Stock Review
On Wednesday, September 13, 2017, the stock closed the trading session at $175.89, slightly slipping 0.26% from its previous closing price of $176.34. A total volume of 530.91 thousand shares have exchanged hands. Whirlpool's stock price advanced 1.29% in the last one month and 5.50% in the previous twelve months. The stock is trading at a PE ratio of 17.63 and has a dividend yield of 2.50%. The stock currently has a market cap of $13.02 billion.
Pro-Trader Daily:
Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
NO WARRANTY
PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.
CONTACT
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Email: contact@protraderdaily.com
Phone number: (917) 341.4653
Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Pro-Trader Daily
