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BUSINESS
June 22, 1995 | Times Staff and Wire Reports
Whirlpool Corp. said it expects second-quarter earnings to decline "markedly," to 70 cents a share from $1.10 a year earlier, because of slowed consumer spending, competition, changes in product mix and increased costs.
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BUSINESS
August 29, 2009 | TIMES WIRE REPORTS
Whirlpool Corp. said it would cut 1,100 jobs and close a refrigerator factory in Indiana to trim excess production capacity by next year. Whirlpool plans to move the production of refrigerators with freezers on top to a company location in Mexico. Ice makers produced in Evansville, Ind., are to be moved to an as-yet undecided location. The jobs will be eliminated in mid-2010, the Benton Harbor, Mich.-based appliance maker said.
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BUSINESS
February 10, 2009 | Times Wire Reports
With consumer demand dropping, home appliance maker Whirlpool Corp. said its fourth-quarter profit tumbled 77%, squeezed as well by a restructuring charge, recall expenses and the stronger dollar. The company said earnings for the three months ended Dec. 31 slid to $44 million, or 60 cents a share, compared with $187 million, or $2.38, a year earlier. Results included a $77-million restructuring charge and a $32-million product-recall expense. Revenue fell 19% to $4.32 billion, reflecting weakness across all markets.
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
December 8, 2006 | From Bloomberg News
Whirlpool Corp. agreed to sell its Hoover vacuum-cleaner unit to Techtronic Industries Co. for $107 million in cash to focus on selling washing machines and refrigerators. The sale includes Hoover manufacturing plants in North Canton, Ohio; El Paso; and Juarez, Mexico, Whirlpool said. Hoover will become part of Hong Kong-based Techtronic's floor care appliance business, which includes Royal and Dirt Devil products. Shares of Benton Harbor, Mich.-based Whirlpool fell 24 cents to $86.13.
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 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
February 4, 2004 | From Associated Press/Bloomberg News
Appliance maker Whirlpool Corp. said increased productivity at its North American and European operations helped it turn a fourth-quarter profit. Whirlpool said it earned $125 million, or $1.76 a share, in contrast to a loss of $29 million, or 42 cents, a year before. A falling U.S. dollar against the euro helped contribute to a 14% increase in revenue to $3.4 billion. Shares of the Benton Harbor, Mich.-based company fell $1.59 to $73.31 on the NYSE.
BUSINESS
May 11, 2006 | From the Associated Press
Whirlpool Corp. said it would eliminate 4,500 jobs by closing three plants and consolidating corporate offices and other sites after its purchase of rival appliance maker Maytag Corp. The moves come less than six weeks after Whirlpool completed its acquisition of Maytag, extending its lead as the nation's biggest appliance maker with brands that include Whirlpool, Maytag, KitchenAid, Jenn-Air and Amana. The cuts represent about 5.6% of Whirlpool's current workforce of about 80,000 employees.
BUSINESS
October 29, 2008 | Times Wire Reports
Whirlpool Corp. said Tuesday that it was eliminating about 5,000 jobs this year and next, in large part because of the long downturn in the U.S. housing market. The nation's largest home appliance maker also reported that its earnings fell 7% during the third quarter. Whirlpool lowered its earnings outlook for the year and announced price increases. Shares of Whirlpool dropped 8.3%, or $4.16, to $45.87. They have traded as high as $98 in the last year. The Benton Harbor, Mich.
BUSINESS
December 8, 2006 | From Bloomberg News
Whirlpool Corp. agreed to sell its Hoover vacuum-cleaner unit to Techtronic Industries Co. for $107 million in cash to focus on selling washing machines and refrigerators. The sale includes Hoover manufacturing plants in North Canton, Ohio; El Paso; and Juarez, Mexico, Whirlpool said. Hoover will become part of Hong Kong-based Techtronic's floor care appliance business, which includes Royal and Dirt Devil products. Shares of Benton Harbor, Mich.-based Whirlpool fell 24 cents to $86.13.
BUSINESS
May 11, 2006 | From the Associated Press
Whirlpool Corp. said it would eliminate 4,500 jobs by closing three plants and consolidating corporate offices and other sites after its purchase of rival appliance maker Maytag Corp. The moves come less than six weeks after Whirlpool completed its acquisition of Maytag, extending its lead as the nation's biggest appliance maker with brands that include Whirlpool, Maytag, KitchenAid, Jenn-Air and Amana. The cuts represent about 5.6% of Whirlpool's current workforce of about 80,000 employees.
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
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
August 23, 2005 | From Reuters
Whirlpool Corp. said on Monday that it reached a definitive agreement to buy smaller rival Maytag Corp. for $1.7 billion in cash and stock, capping months of bidding for the U.S. appliance icon. Maytag paid $40 million to sever its buyout pact with private equity firm Ripplewood Holdings and had been reimbursed for those funds by Whirlpool, the companies said. Maytag would be acquired for $21 a share, with Whirlpool assuming $977 million of Maytag debt.
BUSINESS
February 1, 2001 | Reuters
Whirlpool Corp. said the first phase of a global restructuring will see the lion's share of the job cuts in Brazil, where the largest U.S. appliance marker will close its refrigerator factory in Sao Bernardo, eliminating 1,000 jobs. Benton Harbor, Mich.-based Whirlpool said the first phase of a restructuring it announced in December also will cut 250 jobs in Europe and about 400 in Asia as it sells facilities and outsources non-core operations in India and China.
BUSINESS
July 18, 2005 | From Times Wire Services
Whirlpool Corp., the largest U.S. appliance maker, said Sunday that it offered $1.35 billion in cash and stock for Maytag Corp., topping two competing bids for the No. 3 U.S. appliance maker. Whirlpool said it would pay $17 a share and assume $969 million in debt. Jeff M.
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