Maytag Enters Into Tentative Agreement to Sell China Joint Venture

Maytag Enters Into Tentative Agreement to Sell China Joint Venture

		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, June 30 /PRNewswire-FirstCall/ -- Maytag Corporation (NYSE: MYG) has signed a Memorandum of Agreement with Elco Brandt S.A., a French subsidiary of Elco Holdings Ltd., for the acquisition of 75.5 percent of the RSD-Maytag Joint Venture located in Hefei, People's Republic of China (PRC). Elco Brandt also signed a separate Memorandum of Understanding with Hefei Rongshida Group Co., Ltd., a company with principal offices located at Hefei, PRC. Elco Brandt's intended acquisition of Maytag's 50.5 percent interest in the Joint Venture and an additional 25 percent in the Joint Venture from RSD, is subject to the negotiation of definitive agreements between the parties and regulatory approvals. (Logo: http://www.newscom.com/cgi-bin/prnh/20000505/MYGLOGO ) During the fourth quarter of 2001, Maytag committed to a plan to dispose of its interest in the Rongshida-Maytag joint venture in China. The business was classified as a discontinued operation during that quarter. 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, Amana, Jenn-Air, Jade, Hoover and Dixie-Narco. 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, 2002, and each quarter's 10-Q.