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News release

Jackson, TN

Jones Lang LaSalle Closes Sale of Tennessee Whirlpool Manufacturing Facility to Carlisle Tire & Wheel

Carlisle plans to expand facility by a third and create more than 400 jobs in the Jackson region


JACKSON, TN, OCT 1, 2009 — On behalf of Whirlpool Corporation, Jones Lang LaSalle announced today that it has closed the sale of a manufacturing facility in Jackson, Tennessee.  Carlisle Tire & Wheel, a subsidiary of the Carlisle Companies Inc., purchased the 568,606-square-foot manufacturing and distribution facility and plans to expand it by more than a third, or 156,000 square feet.  The move is expected to create more than 400 jobs in the Jackson region.  The Madison County Industrial Development Board facilitated a $71-million leaseback program in which the county will purchase the Whirlpool facility and some equipment and lease it back to the Carlisle Corporation.  Carlisle will pay principal and interest on the debt to the board over a period of 19 years.
 
Leading the Jones Lang LaSalle Development and Asset Strategy team on this assignment were Managing Directors Scott Miller and Scott Cullen.
 
“Whirlpool will now be able to consolidate its dishwasher production operations into its existing Findlay, Ohio operation while monetizing an underutilized asset and redeploying capital towards the company’s core business,” said Miller. 
“Whirlpool’s spirit of cooperation and support during this transaction helped to promote the best of Jackson and its workforce.  It’s no surprise that Carlisle has chosen to embrace the unlimited opportunities and benefits afforded them in this community.”
 
Adds Jeff Noel, corporate vice president, Public Affairs for the Whirlpool Corporation, “We know what a gem we had in the Jackson community and, when we decided to sell, we knew the importance of finding a buyer with the same community interests and ideals.  We have found that in Carlisle.  Everyone from the local Jackson officials, the Economic Development office and the state of Tennessee collaborated to make this one of the smoothest sales transactions possible and the fact that Carlisle now has expansion plans is further proof that great things happen when great people work together.”
 
The Whirlpool Jackson property is a sophisticated, Class A industrial facility located in the Madison Technology Park. It comprises four interconnected buildings featuring manufacturing, warehousing, office and a central store.  It also offers rail access with a rail spur entering the facility and offers direct access to Interstate 40, making it an ideal hub for distribution.
 
Whirlpool ceased production at the facility in late August.  Carlisle representatives have not yet finalized the exact size of its required workforce, but welcome applications from former Whirlpool employees.
 
Jones Lang LaSalle Capital Markets is composed of a broad range of real estate investment debt and equity specialists, and corporate finance experts, working on all property types and in all the major national markets on behalf of major institutional and local investors and developers, as well as corporations.  The firm's Capital Markets professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs.  The Development and Asset Strategy team specializes in the sale of non-income-producing properties in their various forms from surplus buildings to raw land to entitled parcels and partially completed subdivisions.  The Investment Sales teams assist investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product. The firm’s Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide derivatives structuring and loan sale advisory services.  The Corporate Capital Markets professionals help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios.  The firm's Value Recovery Services assist clients affected by the current financial crisis by creating value while managing risks through evaluating operational and occupancy needs, assisting with challenged assets and liabilities on their balance sheets, providing receivership services, asset management, raising capital through sales-leasebacks and providing leasing and recapitalization strategies for distressed assets. In the past two years, the firm’s Capital Markets team handled $117 billion of transaction volume.
 
About Whirlpool Corporation
 
Whirlpool Corporation is the world's leading manufacturer and marketer of major home appliances, with annual sales of approximately $19 billion, 70,000 employees, and 68 manufacturing and technology research centers around the world.  The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Consul, Bauknecht and other major brand names to consumers in nearly every country around the world.  Additional information about the company can be found at http://www.whirlpoolcorp.com.
 
About Jones Lang LaSalle
 
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2008 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.4 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $36 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.
 
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