BENTON HARBOR, Mich.,
Jan. 6, 2022 /PRNewswire/ --
Whirlpool Corporation (NYSE: WHR) announced today the sale of its
original Cleveland, Tenn.,
manufacturing campus to an affiliate of Phoenix Investors.
Whirlpool Corporation built a new plant and warehouse in
Cleveland in 2012 at a separate
site. On the original campus, Whirlpool recently completed the
demolition of manufacturing buildings and continues to occupy the
distribution warehouse on the property. The original campus
comprises approximately 77 acres and a 150,000 sq. ft.
warehouse.
Phoenix Investors, a national commercial real estate firm based
in Milwaukee, Wis., purchases and
revitalizes former manufacturing facilities throughout the United States. Phoenix's affiliate companies hold interests
in industrial, retail, office, and single tenant net-leased
properties spanning 29 states.
"Phoenix Investors is a company that understands the
opportunities that exist in the Cleveland community," said Mark Richards, Director of Global Real Estate
for Whirlpool Corporation. "Phoenix will work directly with local economic
development and city officials to determine the best use of the
property."
Whirlpool Corporation has a significant investment in and
commitment to the Cleveland,
Tenn., community. This includes a state-of-the-art premium
cooking manufacturing facility built in 2012 that is located just a
few miles from the former manufacturing site with a Factory
Distribution Center and a Customer Experience Center. It is the
largest employer in Bradley County
with approximately 2,000 employees.
"Throughout this process, Whirlpool Corporation was most
concerned about the potential impact on the local community," said
Frank Crivello, Founder and
Chairman, Phoenix Investors. "Whirlpool has challenged us to
reposition the property to maximize the positive impact on the
Cleveland community, and through
our tenants, create new jobs for the area."
About Whirlpool Corporation
Whirlpool Corporation
(NYSE: WHR) is committed to being the best global kitchen and
laundry company, in constant pursuit of improving life at home. In
an increasingly digital world, the company is driving purposeful
innovation to meet the evolving needs of consumers through its
iconic brand portfolio, including Whirlpool, KitchenAid, Maytag,
Consul, Brastemp, Amana, Bauknecht, JennAir, Indesit and Yummly. In
2020, the company reported approximately $19
billion in annual sales, 78,000 employees and 57
manufacturing and technology research centers. Additional
information about the company can be found at
WhirlpoolCorp.com.
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SOURCE Whirlpool Corporation