Household Appliance Manufacturer, Appliance News, Houseware Appliances

NEWTON, Iowa, June 4-- Maytag Corporation today announced a comprehensive business restructuring that consolidates the Hoover Floor Care, Maytag Appliances and Corporate Headquarters organizations. The "one-company" transformation is designed to achieve market-focused speed of execution, to improve Maytag's competitiveness and to achieve an 8 percent operating profit margin goal in the first quarter of 2005. The company also lowered its earnings expectations for the second quarter and full year 2004.

Maytag Chairman and CEO Ralph F. Hake stated, "Maytag has made significant progress in product portfolio, brand position, process improvement and quality trends. The restructuring announced today will leverage those strengths for improved performance in the highly competitive global marketplace of the major appliance and floor care industries and help us grow operating income."

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