SHARETIPSINFO >> Research Reports >> Whirlpool Research report (07-10-2008)
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COMPANY OVERVIEW :
Company was incorporated on 19TH July, 1960 and obtained the certificate of commencement of business on August 9th. The company is engaged in the manufacture of refrigerators deep freezers, compressors, electric grade laminations cash registers, and scooters.
It was formed in collaboration with Kelvinator International Corporation, U.S.A. for the manufacture of refrigerators, compressors and allied products.
In 1985, company entered into a collaboration agreement with White Consolidated Industries Inc., U.S.A., for the manufacture of washing machines. The Government of India extended for a period of 5 years, the company's collaboration agreement with White Consolidated Industries Inc., U.S.A. for manufacture of compressors.
In 1993, company entered into a tie up with Whirlpool Corporation, USA, whereby Whirlpool contracted to purchase from white consolidated Industries Inc., USA, erstwhile collaborators, their entire holding of 20,86,796 No. of equity shares of the company.
In the year 1995 Whirlpool Corporation, USA, acquired majority stake from its partner and also bought Kelvinator India`s direct cool refrigerator facility. The same year Kelvinator India was merged with Whirlpool to form whirlpool of India and hence a listed entity.
HISTORY OF PARENT COMPANY:
- 1911: Louis Upton founded the Upton Machine Company in this year to produce motor-driven wringer washers.
- 1916: First order of washers was sold to Sears, Roebuck & Co.
- 1929: Upton Machine Company merged with Nineteen Hundred Washer Company of New York
- 1948: First 'Whirlpool' brand automatic washer with dual distribution was introduced. It included two product lines one each was distributed through Sears and Nineteen Hundred.
- 1957: The Company was rechristened as ' The Whirlpool Corporation.'
- 1958: The Company moved out of country for the first time and invested in Brazilian appliance market through purchase of equity in Multibras S.A.
- 1968: The Elisha Gray II Research & Engineering Center was completed in Benton Harbor. In the same year the company's revenues crossed the legendary $1 Billion mark for the first time.
- 1978: Within a decade company doubled its feat of $1 Billion mark and reached the $2 billion revenue level.
- 1986: The 'Kitchen Aid' division of Hobart Corporation was purchased.
- 1987: Whirlpool tied-up with Sundaram Clayton Ltd. of India to form TVS Whirlpool Ltd.
- 1989: This was a historic year since the revenues catapulted to heights of over $6 Billion mark. Also, the joint venture with N.V.Philips of Netherlands called Whirlpool Europe B.V. was formed to manufacture and market appliances in Europe.
- 1990: Company established joint venture with Matsushita Electric Company of Japan to produce vacuum cleaners for the North American market.
- 1991: The Company introduced and committed globally to its Worldwide Excellence System, which is a TQM program dedicated to exceeding customer expectations. The vision to globalize 'Whirlpool Corp’ was realized in the same year.
- 1993: First time Whirlpool became the No.1 stand-alone brand in UK, Ireland, Netherlands and Belgium
- 1995: Whirlpool Corp. acquired majority of stake in the TVS Whirlpool Ltd. The DC manufacturing facility of Kelvinator India was also acquired.
- 1996: Whirlpool Washing Machines Ltd. and Kelvinator India Ltd. merged together to form Whirlpool of India Ltd.
- 1998: This year gave birth to a new company vision that says, "Every Home Everywhere with Pride, Passion & Performance."
- 1999: Whirlpool of India crossed the milestone of 1 million sales of appliances.
- 2002: The ' Whirlpool Strategic Architecture ' was launched as a framework to achieve the vision. The revenues of Whirlpool Corp. soared to $10.5 Billion.
- 2001: Whirlpool India registered profit & sold 1.2 million appliances. It also achieved the No.1 position in DC & FA.
- 2002: The Aircon range was successfully launched and the Whirlpool of India acquired 6% market share.
- 2003: A new mission statement of "Everybody creating loyal customers for life" was adopted.
- 2006: Whirlpool Corporation acquires Maytag and become the World’s largest white goods company.
Company pervasive vision, “Every Home, everywhere, with pride, passion and performance”, rests on the pillars of innovation, operational excellence, customer-centric approach and diversified talent. These are embedded within our business goals, strategy, processes and work culture.
Company has wide range of product. Following are the segments company caters to:
- Washing machine
- Air conditioners
- Microwave oven
- Water purifier
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