Whirlpool Pleased That Maytag Corporation's Shareholders Approve Merger
December 22 2005 - 1:10PM
PR Newswire (US)
BENTON HARBOR, Mich., Dec. 22 /PRNewswire-FirstCall/ -- Whirlpool
Corporation (NYSE:WHR) today responded to the announcement by
Maytag Corporation (NYSE:MYG) that its shareholders have voted to
approve the merger agreement with Whirlpool. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040202/DETU004LOGO ) "We are
very pleased that Maytag's shareholders have fully endorsed the
merger," said Jeff M. Fettig, Whirlpool's chairman and CEO. "The
combination of Whirlpool and Maytag will create very substantial
benefits for consumers, trade customers and our shareholders. We
believe this transaction will result in better products, quality
and service, as well as efficiencies, which will enhance our
ability to succeed in the increasingly competitive global home-
appliance industry." The Antitrust Division of the Department of
Justice is reviewing the proposed merger. Earlier this month,
Whirlpool and Maytag announced that both companies have certified
substantial compliance with the Antitrust Division in response to
its request for additional information ("second request") and that,
in order to facilitate the Antitrust Division's review, Whirlpool
and Maytag have agreed not to close the merger before February 27,
2006, without the Division's concurrence, although the Division may
request additional time for review. Whirlpool and Maytag continue
to expect the transaction to close as early as the first quarter of
2006, following regulatory clearance. About Whirlpool Corporation
Whirlpool Corporation is a global manufacturer and marketer of
major home appliances, with annual sales of more than $13 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 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, cash
flow, and material and oil-related costs for the full year 2005, as
well as expectations as to the closing of the proposed merger with
Maytag Corporation. Many risks 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 17% of Whirlpool's 2004
consolidated net sales of $13 billion) and other significant trade
customers, and the ability of these trade customers to maintain or
increase market share; (3) the impact of general economic factors
on demand for Whirlpool's products, such as gross domestic product,
consumer interest rates, consumer confidence, retail trends,
housing starts, sale of existing homes, and the level of mortgage
refinancing; (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 timing of
the process; (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.
http://www.newscom.com/cgi-bin/prnh/20040202/DETU004LOGO
DATASOURCE: Whirlpool Corporation CONTACT: Media: Christopher Wyse,
+1-269-923-3417, , or Investors: Larry Venturelli, +1-269-923-4678,
, both of Whirlpool Corporation Web site:
http://www.whirlpoolcorp.com/
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