Exhibit 99.1
WHIRLPOOL CONTACTS:
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MEDIA INVESTORS
Whirlpool Corporate Communications Larry Venturelli, (269) 923-4678
269-923-7405 Larry.Venturelli@whirlpool.com
MAYTAG CONTACTS:
Karen Lynn (641) 787-8185 John Daggett, (641) 787-7711
Klynn2@maytag.com John.Daggett@maytag.com
WHIRLPOOL CORPORATION AND MAYTAG CORPORATION MERGER CLEARED BY U.S. DEPARTMENT
OF JUSTICE
BENTON HARBOR, MICH., AND NEWTON, IOWA --MARCH 29, 2006--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."
EDITOR'S NOTE: B-Roll (Whirlpool Corporation and Maytag Corporation visuals)
will be available via Pathfire Digital Media Gateway.
About Whirlpool Corporation
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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.
About Maytag Corporation
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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).
Whirlpool Additional Information:
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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,
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, after 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 annual report or Form 10-K for its fiscal year ended December 31,
2005.
Maytag Additional Information:
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This document includes statements that do not directly or exclusively relate to
historical facts. Such statements are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements speak only as
of this date and include statements regarding anticipated future financial
operating performance and results and expectations as to the closing of the
transaction with Whirlpool. These statements are based on the current
expectations of management of Maytag. There are a number of risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements included in this document. For example, with respect
to the transaction with Whirlpool (1) conditions to the closing of the
transaction may not be satisfied or the merger agreement may be terminated prior
to closing; (2) Maytag may be unable to achieve cost-cutting goals or it may
take longer than expected to achieve those goals; (3) the transaction may
involve unexpected costs or unexpected liabilities; (4) the credit ratings of
Maytag or its subsidiaries may be different from what the parties expect; (5)
the businesses of Maytag may suffer as a result of uncertainty surrounding the
transaction; (6) the industry may be subject to future regulatory or legislative
actions that could adversely affect Maytag; and (7) Maytag may be adversely
affected by other economic, business, and/or competitive factors. Additional
factors that may affect the future results of Maytag are set forth in its
filings with the Securities and Exchange Commission ("SEC"), which are available
at http://www.maytagcorp.com. Maytag undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
For a description of such factors, refer to "Risk Factors" and "Forward-Looking
Statements" in Maytag's Form 10-K for the year ended Dec. 31, 2005.
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