After the decision of United Kingdom to leave the European Union, Whirlpool Corporation published the new strategy for the country. The company’s business in the UK represented approximately 5% of the Group’s global revenues in the 2015 fiscal year. Most of the Company’s products sold in the U.K. were produced in other European countries. «Clearly the “Brexit” vote has created a number of uncertainties, many that will take some time to play out – explained Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation. – The U.K. is an important country for us and we plan to continue delivering innovative new products in the U.K. and Europe.»
The Company regularly performs risk assessments as part of the operational planning cycle and has prepared for either outcome of the vote. In the past, Whirlpool utilized a variety of approaches to manage volatility, including financial hedging. The Company plans to execute a previously-announced cost based price increase in the third quarter and expects to continue with strong ongoing cost productivity programs to lower overall costs in the EMEA region.
