Uncertain times for 1,000 staff at Peterborough white goods maker Whirlpool after transfer plans revealed

Hundreds of staff at a leading employer in Peterborough are facing uncertain times after a review of the business.​

The domestic appliances maker Whirlpool, which employs about 1,000 people at its premises in Morley Way, Woodston, is to become part of a newly created business.

The company will be placed into a newly formed business set up under a deal between US-based Whirlpool Corporation and the Turkey-based household appliances maker Arcelik.

Whirlpool will own 25 per cent of the new business while Arcelik will own 75 per cent.

The deal follows a review, begun last year, by Whirlpool Corporation of its Europe, Middle East and Africa (EMEA) business amid worries that geopolitical tensions in Europe would mean it would take longer for its EMEA business to earn attractive levels of profit.

The agreement is expected to be concluded in the second half of this year after which the new business, which will have sales of more than €6 billion, will be given a new name with Whirlpool no longer having any obligation to go on providing finance.

Marc Bitzer, Chairman and Chief Executive Officer of Whirlpool Corporation, said: “This announcement marks yet another major and important milestone in our ongoing portfolio transformation.

"This allows us to participate in significant value creation from the repositioning of the business and cost synergies through our minority interest.”

A spokesman for Whirlpool added: “It's business as usual for now and when the transaction completes the two companies will come together to form a new one.”