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2006-03-29 News Headlines

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Merger for appliances duo cleared in the USA

Whirlpool and Maytag appliances businesses have been cleared by the US Department of Justice to complete their proposed transaction merger.

Whirlpool Corporation (NYSE: WHR) and Maytag Corporation (NYSE: MYG) today announced they have received clearance from the U.S. Department of Justice to complete their proposed merger. Whirlpool plans to close the transaction as soon as practical, but no later than April 3, 2006.

"We are pleased with the Department of Justice's decision and look forward to closing the transaction, and begin the integration of our businesses," said Jeff M. Fettig, Whirlpool's chairman and CEO. "The combination of Whirlpool and Maytag will create substantial benefits for consumers, trade customers and shareholders, through continued development of innovative products, improved quality and service, and cost efficiencies. The Maytag portfolio of brands, when combined with Whirlpool, will enhance our ability to succeed in reaching a broader set of customers, which can benefit from our innovation and efficiencies."

"Our merger with Whirlpool provides fair value to Maytag shareholders," said Ralph Hake, Maytag's chairman and CEO. "This transaction will enhance the competitiveness of the Maytag brands with new innovation and greater global reach to a broader base of consumers through Whirlpool's established sales and manufacturing capabilities."

About Whirlpool Corporation

Whirlpool Corporation is a global manufacturer and marketer of major home appliances, with annual sales of more than $14 billion, 66,000 employees, and nearly 50 manufacturing and technology research centers around the world. The company markets Whirlpool, KitchenAid, Brastemp, Bauknecht, Consul and other major brand names to consumers in more than 170 countries.

Find information about Whirlpool Corporation.

About Maytag Corporation

Maytag Corporation is a $4.9 billion home and commercial appliance company focused in North America and in targeted international markets. The corporation's primary brands are Maytag(R), Hoover(R), Jenn-Air(R), Amana(R), Dixie-Narco(R) and Jade(R).

Find information about Maytag Corporation.

Read a recent Whirlpool press release; 'Whirlpool and Maytag corporations proposed merger has been cleared by the Competition Bureau of Canada recognizing the home appliances industry is open and competitive.'

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