NEWTON, Iowa, Jan. 19 /PRNewswire-FirstCall/ -- Maytag Corporation
(NYSE: MYG) announced today that it will no longer sell Maytag-branded major
appliances at the specialty retailer, Best Buy.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000505/MYGLOGO )
Maytag will continue to sell its Hoover floor care products at Best Buy,
which remains an important floor care customer.
"We have a good business relationship with Best Buy. However, our white
goods business with the specialty retailer has significantly declined over the
years," said Ralph F. Hake, Maytag chairman and CEO. "At this time, it does
not make sense to continue selling our major appliances at Best Buy."
Hake said that our sales of major appliances at Best Buy have
significantly declined over several years. In 2004, they represented about 1
percent of Maytag's consolidated revenue.
The discontinuation will become effective later in the first quarter 2005.
Maytag and Hoover branded products continue to be available at thousands of
department, retail and home improvement stores across the country, including
Maytag Stores.
Maytag Corporation is a leading producer of home and commercial
appliances. Its products are sold to customers throughout North America and
in international markets. The corporation's principal brands include
Maytag(R), Hoover(R), Jenn-Air(R), Amana(R), Dixie-Narco(R) and Jade(R).
Forward-Looking Statements: Certain statements in this news release,
including any discussion of management expectations for future periods,
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that may
cause actual results to differ materially from the future results expressed or
implied by those statements. For a description of such factors, refer to
"Forward-Looking Statements" in the Management's Discussion and Analysis
section of Maytag's Annual Report on Form 10-K for the year ended January 3,
2004, and each quarter's 10-Q.
Media Contact: Karen Lynn
Maytag Corporate Communications
(641) 787-8185
klynn2@maytag.com
SOURCE Maytag Corporation
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Related links:
http://www.maytagcorp.com
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PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840
CONTACT:
Karen Lynn, Maytag Corporate Communications,
+1-641-787-8185, klynn2@maytag.com
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