Elica has announced that Whirlpool Corporation is selling its shares in the Italian cooker hood specialist to investment bank Tamburi Investment Partners (TIP).
As of July 26, Whirlpool sold its entire shareholding in Elica to TIP – this amounted to 7,958,203 treasury shares, which it sold at €2 per share.
At the same time, Elica SpA also sold 1,275,498 shares to TIP for €2.55 million (£2.35m). That brings TIP’s total stake in Elica to 14.58%.
In a statement, Elica said that it would maintain its commercial partnership with Whirlpool in accordance with its long-standing agreement signed in December last year.
Elica chairman Francesco Casoli said: “The entry of an investor of the calibre of TIP, who believes in our growth strategy and our very specific technology and design expertise is a source of great pride. Whirlpool over recent years has been a major shareholder for us, believing in our company and will remain a key commercial partner over the coming years”.
Commenting on its share purchase, Giovanni Tamburi, president and chief executive of TIP, said: “We are proud to be part of the Elica group, one of the great Italian excellences in design, technology and high-end products in the field of ventilation, filtration and air purification, designed to improve the welfare of people and environment.”
Shortly before the share acquistion by TIP, Mauro Sachetto replaced Antonio Recinella as CEO of Elica.
Elica Group employs more than 3,800 staff with sales in 2018 of €472.4m with profits before tax of €29.8m. It has factories in Italy, Poland, Mexico, India and China.