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.
May 11, 2006 |
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.