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ITALY TO DUMP INCENTIVES FOR WHIRLPOOL (NYSE:WHR)

  • Whirlpool to close its factory in Naples
  • Around 450 jobs at risk

The government of Italy has decided to remove incentives for the appliance maker Whirlpool Corp (NYSE:WHR) after the US-based company announced plans to close and potentially sell its Naples factory, which employs 450 people.

“Whirlpool has not been faithful to the agreements … so today I will sign a ministerial directive that revokes all the incentives, which are about 15 million euros,” said Deputy Prime Minister Luigi Di Maio.

In total, Whirlpool received around 50 million euros from the Italian government from 2014 to today, added Di Maio.