Whirlpool to invest further in India
Appliances giant Whirlpool will invest $20 million in new products for the Indian market over the next year and a half, according to Reuters India.
T.K. Saha, vp-sales for Whirlpool in India told the wire service that “The funds will be invested in three of our existing facilities.”
In 2009, the company expects revenue growth of 20 percent to 25 percent in the country, after experiencing a 21 percent gain in revenues in the 2008 fiscal year, rising to 17.43 billion rupees (US$357 million)
Earnings in Whirlpool’s Indian operations rose 198 percent in the period from April to June of 2008, according to the report, to 445.7 million rupees (US$9.13 million).
Refrigerator units currently account for the large majority of Whirlpool’s sales in India. Growth in the market is expected to come from products including built-in dishwashers, microwaves, air conditioners and water purifiers.
Thriftway files for Chapter 11
Thriftway, a one-unit lumberyard based in Owensboro, Ky., has filed for Chapter 11 bankruptcy protection, according to an article in the Messenger Inquirer. The owner of the 45-year-old business blamed the homebuilding slump for recent financial troubles.
“Building materials dealers are not in favor with lenders at this time,” said Ken Lawson, Thriftway’s president. “Our business is good, and the Owensboro economy is good, too — much better than the national economy.”
“We’ve provided service for 45 years and will continue to provide service,” Lawson continued. “Our people and inventories are still here, and our customers will see no interruption of service. It’s just paperwork.”
According to its web site, Thriftway also operates an affiliate, Wholesale Doors & Trim and Installation, and HardwareOvernight.com, an Internet business.