Whirlpool Corporation to Review Proposed Changes in Maytag Corporation's Operations
03 Febbraio 2006 - 4:26PM
PR Newswire (US)
BENTON HARBOR, Mich., Feb. 3 /PRNewswire-FirstCall/ -- Whirlpool
Corporation (NYSE:WHR) today acknowledged the announcement by
Maytag Corporation (NYSE:MYG) that it expects to evaluate
alternative strategies for its floor-care products line and
commercial businesses, including their possible sale. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040202/DETU004LOGO ) "Under
the framework of the merger agreement, we have the right to approve
the sale of significant assets by Maytag, including these
businesses," said Jeff M. Fettig, Whirlpool's chairman and chief
executive officer. Whirlpool looks forward to reviewing any
proposals Maytag may present, within the framework of our merger
agreement. The company has no additional comment at this time.
Maytag On December 22, 2005, Maytag shareholders approved the
proposed merger with Whirlpool. Completion of the proposed merger
remains subject to regulatory clearance. In order to facilitate the
Antitrust Division of the Department of Justice review, Whirlpool
and Maytag have agreed not to close the proposed merger before
February 27, 2006, without the Antitrust Division's concurrence,
although the Antitrust Division may request additional time for
review. Whirlpool and Maytag are working closely with the
Department of Justice, and continue to cooperate fully with its
investigation and respond promptly to its inquiries. Whirlpool
Whirlpool Corporation is a global manufacturer and marketer of
major home appliances, with annual sales of over $14 billion,
68,000 employees, and nearly 50 manufacturing and technology
research centers around the globe. The company markets Whirlpool,
KitchenAid, Brastemp, Bauknecht, Consul and other major brand names
to consumers in more than 170 countries. Additional information
about the company can be found on the Internet at
http://www.whirlpoolcorp.com/ . Whirlpool Additional information:
This document contains forward-looking statements that speak only
as of this date. Whirlpool disclaims any obligation to update these
statements. Forward-looking statements in this document include,
but are not limited to, statements regarding expected earnings per
share for 2006, as well as expectations as to the closing of the
proposed merger with Maytag Corporation. Many risks, contingencies
and uncertainties could cause actual results to differ materially
from Whirlpool's forward-looking statements. Among these factors
are: (1) intense competition in the home appliance industry
reflecting the impact of both new and established global, including
Asian and European, manufacturers and the strength of trade
customers; (2) Whirlpool's ability to continue its strong
relationship with Sears Holding Corporation in North America
(accounting for approximately 15% of Whirlpool's 2005 consolidated
net sales of $14 billion) and other significant trade customers,
and the ability of these trade customers to maintain or increase
market share; (3) demand for Whirlpool's products, including the
strength of the U.S. building industry and the level of interest
rates; (4) the ability of Whirlpool to achieve its business plans,
including productivity improvements, cost control, leveraging of
its global operating platform and acceleration of the rate of
innovation; (5) fluctuations in the cost of key materials
(including steel, oil, plastic resins, copper and zinc) and
components and the ability of Whirlpool to offset cost increases;
(6) the ability of suppliers of critical parts, components and
manufacturing equipment to deliver sufficient quantities to
Whirlpool in a timely and cost-effective manner; (7) changes in
market conditions, health care cost trends and pending regulation
that could increase future funding obligations for pension and
post-retirement benefit plans; (8) the cost of compliance with
environmental and health and safety regulation, including new
regulations in Europe regarding appliance disposal; (9) potential
exposure to product liability claims, including the outcome of
Whirlpool's previously- announced investigation of a
supplier-related quality and potential product safety problem that
may affect up to 3.5 million appliances manufactured between 2000
and 2002; (10) the impact of labor relations; (11) Whirlpool's
ability to obtain and protect intellectual property rights; (12)
the ability of Whirlpool to manage foreign currency and its
effective tax rate; (13) global, political and/or economic
uncertainty and disruptions, especially in Whirlpool's significant
geographic markets, including uncertainty and disruptions arising
from natural disasters, including possible effects of recent U.S.
hurricanes, or terrorist activities; and (14) risks associated with
operations outside the U.S. Other such factors relate to
Whirlpool's pending merger with Maytag Corporation, including (1)
the ability of Whirlpool and Maytag to satisfy the remaining
conditions to closing (including regulatory approval) and the costs
and consequences of not closing; (2) the effect on Maytag's
business of the pending transaction; and (3) in the event the
merger is completed, Whirlpool's ability to integrate the business
of Maytag on a timely basis and realize the full anticipated
benefits of the merger within the current estimate of costs.
Additional information concerning these factors can be found in
Whirlpool's filings with the Securities and Exchange Commission,
including the Registration Statement on Form S-4 (File No.
333-128686). First Call Analyst: FCMN Contact:
cinda_s_noffke@whirlpool.com
http://www.newscom.com/cgi-bin/prnh/20040202/DETU004LOGO
DATASOURCE: Whirlpool Corporation CONTACT: Media: Christopher Wyse,
+1-269-923-3417, , or Financial: Larry Venturelli, +1-269-923-4678,
, both of Whirlpool Corporation Web site:
http://www.whirlpoolcorp.com/
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