Standard&Poor's today said that there would be no impact on the ratings or outlook of appliance-maker Whirlpool Corp. (BBB+/Negative/A-2) following the company's announced acquisition of 96% of Polar S.A., a leading appliance manufacturer based in Poland, for about $40 million which includes $19 million of assumed debt. Polar generated $80 million in sales during 2001. The acquisition is expected to complement Whirlpool's European business and somewhat expand its Central European manufacturing operations. This transaction will likely be completed during the second quarter of 2002. Given the relatively immaterial purchase price for Polar, Standard&Poor's expects Whirlpool's credit protection measures to remain appropriate for the ratings pro forma the pending acquisitions of Polar and Vitromatic S.A. de C.V.
