Maytag Corporation and Samsung Electronics Co., Ltd. Announce Strategic Alliance Agreement

Maytag Corporation and Samsung Electronics Co., Ltd. Announce Strategic Alliance Agreement

		MAYTAG LOGO Maytag Corporation is a leading producer of home and commercial appliances. Its products are sold to customers throughout North America and in international markets. (PRNewsFoto)[TC] NEWTON, IA USA

NEWTON, Iowa and SEOUL, Korea, Feb. 24 /PRNewswire-FirstCall/ -- Maytag Corporation (NYSE: MYG) and Samsung Electronics Co., Ltd. announced today they have signed an agreement for Samsung to manufacture high-efficiency, front- load laundry products for Maytag. (Logo: http://www.newscom.com/cgi-bin/prnh/20000505/MYGLOGO ) The strategic agreement is designed to expand Maytag's existing laundry product lines and strengthen its market position, both in the United States and internationally. Maytag plans to continue manufacturing laundry products in the United States. "Since these laundry models will all be new for Maytag, this agreement will help us increase the variety of laundry products Maytag offers to consumers worldwide, while continuing our tradition of dependability and innovation," said Ralph F. Hake, chairman and CEO of Maytag Corporation. "This laundry partnership will combine the best of Maytag's design, testing, consumer research, marketing and sales expertise with Samsung's laundry and electronics knowledge and world-class manufacturing capability." Samsung Electronics Co., Ltd. Executive Vice President Moon Yong Lee said, "We're pleased to cooperate with Maytag, a leader in the United States laundry appliances market. Our advanced technology, along with Maytag's product development, engineering and design expertise, will ensure we maintain the highest standards of quality that customers expect." These laundry models initially will be marketed exclusively under the Maytag and Amana brands and will be sold through normal Maytag distribution channels beginning later this year in the United States and international markets. The laundry agreement will serve as a basis for discussions about other potential business cooperation, Hake said. 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), Amana(R), Jenn-Air(R), Jade(R), Hoover(R) and Dixie-Narco(R). Approximately 90 percent of all manufacturing across the entire corporation takes place in the United States. In addition, 96 percent of Maytag Appliances manufacturing employees are located in the United States, where the corporation operates 12 manufacturing plants, including four laundry facilities. 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 December 31, 2003, and each quarter's 10-Q.