March 30, 2006 |
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.
December 8, 2006 |
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.
August 3, 2005 |
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.
July 22, 2005 |
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.
February 4, 2004 |
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.
February 1, 2001 |
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.