Whirlpool Corp. said on Tuesday it would continue to supply several of its products to Sears Holdings Corp. and discontinue only its private label brands, including Maytag fridges, KitchenAid products and Jenn-Air appliances.
Whirlpool shares were trading down 10 percent, while Sears rose marginally.
The U.S. appliance giant on Monday reported third-quarter profit and sales below analysts’ estimates, hurt by higher raw material prices which are expected to rise through 2018.
On a post-earnings call, Whirlpool said it had informed Sears in May that it would no longer supply its brand products to the appliance retailer as the companies were unable to agree on terms.
“The Sears business is about 3 percent of our global revenue base,” Whirlpool CEO Marc Bitzer said on the call, adding that the brand business is a very small portion.
The comments followed a Wall Street Journal report on Monday that said Sears would no longer sell Whirlpool appliances following a pricing dispute.
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