Advertisement
YOU ARE HERE: LAT HomeCollectionsMaytag Corp
IN THE NEWS

Maytag Corp

FEATURED ARTICLES
BUSINESS
June 5, 2004 | From Bloomberg News
Maytag Corp. said it would fire 1,100, or about 20%, of its salaried workers and earn less than forecast, citing lagging sales of Hoover vacuums and Maytag washers. Shares of Maytag fell $2.01 to $24.28 on the New York Stock Exchange.
ARTICLES BY DATE
BUSINESS
June 26, 2006 | From the Associated Press
William Montgomery and more than 1,700 other central Iowa workers depend on their jobs at Maytag, a company that has worked for decades to make its name synonymous with dependability. Montgomery, 58, has spent the last 20 years of his life assembling washers and dryers, most recently the company's traditional Dependable Care models. The address of the company's headquarters is Dependability Square. Montgomery, his co-workers and the Newton community can no longer depend on Maytag.
Advertisement
BUSINESS
July 1, 2005 | From Bloomberg News
Ripplewood Holdings said it might abandon its $1.13-billion offer for Maytag Corp. unless the appliance maker quickly resolved talks with rival bidders. Maytag, based in Newton, Iowa, is in talks with China's Haier Group and two buyout firms, which bid $1.28 billion. New York-based Ripplewood asked Maytag to accept its offer and said it might collect a $40-million termination fee, Maytag said.
BUSINESS
March 30, 2006 | From Bloomberg News
Whirlpool Corp. can complete its $1.68-billion takeover of Maytag Corp., the U.S. Justice Department said Wednesday, rejecting concerns from its own lawyers that the combination might hurt competition. The acquisition, approved without any required divestitures, will create the world's largest appliance maker, accounting for 70% of U.S. sales. Thomas O.
BUSINESS
March 30, 2006 | From Bloomberg News
Whirlpool Corp. can complete its $1.68-billion takeover of Maytag Corp., the U.S. Justice Department said Wednesday, rejecting concerns from its own lawyers that the combination might hurt competition. The acquisition, approved without any required divestitures, will create the world's largest appliance maker, accounting for 70% of U.S. sales. Thomas O.
BUSINESS
July 22, 2005 | From Bloomberg News
Maytag Corp., the No. 3 U.S. appliance maker, said its board was unable to determine whether an offer to buy the company from larger rival Whirlpool Corp. is "financially superior." Such a determination is a prerequisite to negotiating with Whirlpool under an existing deal with buyout firm Ripplewood Holdings, Newton, Iowa-based Maytag said. Maytag said it would continue to evaluate Whirlpool's bid. Whirlpool, the biggest U.S.
BUSINESS
October 15, 2002 | Bloomberg News
Maytag Corp., the No. 3 U.S. appliance maker, said it had third-quarter net income of $60.8 million as the company cut expenses and sold a distribution center. It posted per-share net income of 77 cents, contrasted with a net loss of $29.7 million, or 38 cents a share, a year earlier. Sales rose 3.1% to $1.17 billion, the maker of Hoover vacuums and Amana refrigerators said. Maytag expects fourth-quarter profit excluding certain costs to be 60 cents a share.
BUSINESS
June 6, 2001 | Reuters
Maytag Corp., in a bid to strengthen its focus on premium-brand appliances, said it has agreed to buy two Amana Appliances businesses from privately held Goodman Global Holding Co. for $325 million. The purchase includes Amana's major appliance and commercial microwave oven businesses but excludes its home and commercial heating and air conditioning operations. About 95% of the deal is cash, with the remainder in Maytag stock. Chief Executive Leonard A.
BUSINESS
September 15, 2000 | Reuters
Maytag Corp. warned that its earnings would be down 8% to 10% in the second half, from $1.74 a share a year earlier, due to the loss of business at Circuit City Stores Inc. and Heilig-Meyers Co. stores. Newton, Iowa-based Maytag, maker of refrigerators, clothes washers and Hoover vacuum cleaners, said it now expects earnings per share in the mid-70-cents range in its third quarter and in the low-to-mid-80-cents range in its fourth quarter.
BUSINESS
July 20, 2005 | From Times Wire Reports
Maytag Corp., which is the subject of a bidding war, said Tuesday that Haier Group of China and two partners had dropped their bid for the U.S. appliance maker. Maytag said it had received a letter from the Chinese appliance maker and partners Bain Capital and Blackstone Group saying that they would no longer try to acquire outstanding shares of Maytag. The group's decision came as Maytag rival Whirlpool Corp. prepared a $17-a-share bid for the company, valuing it at $1.3 billion.
BUSINESS
December 23, 2005 | From Bloomberg News
Maytag Corp. shareholders approved its acquisition by larger rival Whirlpool Corp. in a $1.68-billion transaction that would create the world's largest appliance maker. Whirlpool won a three-month bidding contest in August that lifted the per-share offer price for Maytag by 50% to $21. The Justice Department still must decide whether the Maytag acquisition gives Benton Harbor, Mich.-based Whirlpool control of too much of the U.S. appliance market. The purchase is expected to close in February.
BUSINESS
December 6, 2005
* Verizon Communications Inc. said it would cut pension benefits for managers, saving the company $3 billion before taxes over 10 years after costs of $60 million in the fourth quarter to reflect the changes and increases in payments to savings plans. * Liberty Media Corp., owner of the QVC home shopping network, agreed to buy Provide Commerce Inc. for $477 million to add flowers and meat to the goods it sells online. * HealthSouth Corp. founder Richard Scrushy, cleared of orchestrating a $2.
BUSINESS
August 13, 2005 | From Associated Press
Maytag Corp. agreed Friday to a half-cash, half-stock buyout from rival Whirlpool Corp., reversing an earlier recommendation that urged shareholders to accept a New York investment group's all-cash deal. Whirlpool, the nation's leading appliance maker, increased its offer Wednesday for the third time, proposing to buy Maytag for $1.79 billion, or $21 a share. Including the assumption of $977 million of Maytag debt, the deal values Maytag at $2.7 billion.
BUSINESS
August 11, 2005 | From Associated Press
Whirlpool Corp. moved more aggressively Wednesday to clinch the deal to buy rival Maytag Corp. by raising its offer for a third time to $1.79 billion, or $21 a share. Including the assumption of $977 million of Maytag debt, the entire deal was valued at $2.7 billion. The latest offer, a $1-a-share premium to the sweetened bid of $1.62 billion that Whirlpool offered Monday, still consists of 50% cash and 50% Whirlpool stock.
BUSINESS
August 3, 2005 | From Associated Press
Whirlpool Corp. must submit a firm offer to buy Maytag Corp. no later than noon Tuesday, according to an agreement outlined in documents filed with the Securities and Exchange Commission. A confidentiality agreement between Whirlpool and Maytag signed July 26 specifies that for a period of three years after Maytag opened its books to Whirlpool, neither company can try to acquire control of the other without permission. Whirlpool's offer, which remains tentative, stands at $18 a share, or $1.
BUSINESS
July 25, 2005 | From Bloomberg News
Maytag Corp. said Sunday that it would consider a sweetened offer from Whirlpool Corp., reopening the bidding contest four weeks before holders were to vote on the company's sale to a private group. Whirlpool, the largest U.S. appliance maker, will be furnished financial information to shape its formal bid, Newton, Iowa-based Maytag said in replying to an $18-a-share offer Whirlpool made late Friday. Maytag, the third-largest U.S.
BUSINESS
August 25, 1992 | From Reuters
Maytag Corp. warned of a big fall in quarterly profit Monday and unveiled a reorganization to combat weak sales for appliances in North America and Europe. The company said third-quarter earnings would be a third less than the 23 cents a share it reported a year ago because of losses in Europe, start-up costs for a new facility and new products, and fierce price competition.
BUSINESS
February 10, 1996 | From Associated Press
Maytag Corp. said Friday that it will close its kitchen-range plant in Indianapolis and realign its major home appliance businesses under one unit to improve efficiency and become more competitive. The No. 4 U.S. appliance maker has been streamlining operations after a period of aggressive expansion. The latest moves will result in a $50-million charge this year and should save $35 million annually, the company said.
BUSINESS
July 22, 2005 | From Bloomberg News
Maytag Corp., the No. 3 U.S. appliance maker, said its board was unable to determine whether an offer to buy the company from larger rival Whirlpool Corp. is "financially superior." Such a determination is a prerequisite to negotiating with Whirlpool under an existing deal with buyout firm Ripplewood Holdings, Newton, Iowa-based Maytag said. Maytag said it would continue to evaluate Whirlpool's bid. Whirlpool, the biggest U.S.
BUSINESS
July 20, 2005 | From Times Wire Reports
Maytag Corp., which is the subject of a bidding war, said Tuesday that Haier Group of China and two partners had dropped their bid for the U.S. appliance maker. Maytag said it had received a letter from the Chinese appliance maker and partners Bain Capital and Blackstone Group saying that they would no longer try to acquire outstanding shares of Maytag. The group's decision came as Maytag rival Whirlpool Corp. prepared a $17-a-share bid for the company, valuing it at $1.3 billion.
Los Angeles Times Articles
|