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Whirlpool Corp. has sold its manufacturing plant in Middle Amana for $92.7 million, according to the Iowa County Assessor's website.
The deal was first reported by the Corridor Business Journal. The sale is not expected to affect employment, operations or products, as the company plans to sign a long-term lease for the plant, the business publication reported.
Benton Harbor, Mich.-based Whirlpool sold the plant at 2800 220th Trail on Oct. 26 to Wramia001, a Chicago-based limited liability company, according to the Iowa County Assessor's website.
The Middle Amana plant - which dates back to 1940 - assembles French door, bottom freezer and built-in refrigeration products under the Amana, JennAir, KitchenAid, Maytag and Whirlpool brands.
Under a sale and lease-back arrangement, a company converts property assets into capital without losing control of the facility.
Sale and lease-back transactions are on the rise nationally as the COVID-19 pandemic and recession have prompted companies to sell real estate to increase liquidity, finance growth and strengthen capital reserves.