NEWTON, Iowa, Aug. 31 /PRNewswire-FirstCall/ -- Maytag Corporation
(NYSE: MYG) today announced that Lester Crown, 80, Maytag Board Member since
1989, has resigned from the company's Board of Directors, effective Aug. 30,
2005. Mr. Crown resigned to fulfill other professional and personal
obligations.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000505/MYGLOGO )
"I would like to thank Lester Crown for his many contributions to Maytag's
Board of Directors and to the company's shareholders during the last 16
years," said Ralph Hake, Maytag's Chairman and CEO. "We appreciate his support
and commitment to the company throughout his tenure."
Lester Crown, who currently serves as Chairman of Material Service
Corporation, said, "I have enjoyed the opportunity to be part of Maytag's
board and to work with its directors and management in service to
shareholders. However, now that we have reached a merger agreement, I have
fulfilled my obligation to the shareholders and believe it is time for me to
concentrate on other commitments."
Mr. Crown's current term would have expired in 2006. The Maytag Board now
has 10 members, all of whom are independent, except for Mr. Hake who also
serves as its chief executive officer.
About Maytag Corporation
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).
Whirlpool Additional Information:
This news release contains forward-looking statements that speak only as
of this date. Whirlpool disclaims any obligation to update such information.
Forward-looking statements include, but are not limited to, statements
regarding expected earnings per share, cash flow, and material costs for the
full year 2005, as well as the expected consequences of enacted price
increases. Although Whirlpool believes that the expectations reflected in the
forward-looking statements are reasonable, it can give no assurance that those
expectations will prove to have been correct. Many factors could cause actual
results to differ materially from Whirlpool's forward-looking statements.
Among these factors are: (1) the cost of raw materials and components,
especially steel and the impact of rising oil prices; (2) the financial impact
of Whirlpool's announced price changes will be dependent upon such factors as
market conditions, the strength of consumer demand for Whirlpool's products,
and other factors outside of Whirlpool's control such as the general economic
conditions prevailing at the time the new pricing goes into effect; (3) rising
worldwide transportation costs due to historically high and volatile oil
prices, capacity constraints, and other factors; (4) the ability to gain or
maintain market share in an intensely competitive global market; (5) the
strength of new and established Asian competitors in the United States and
abroad; (6) the success of Whirlpool's global business strategy; (7)
Whirlpool's global operating platform initiatives; (8) the success of the
Latin American businesses operating in challenging and volatile environments;
(9) continuation of Whirlpool's strong relationship with Sears Holdings
Corporation in North America, which accounted for approximately 17% of
consolidated net sales of $13 billion in 2004; (10) currency exchange rate
fluctuations; (11) social, economic and political volatility in developing
markets; (12) continuing uncertainty in the North American, Latin American,
Asian and European economies; (13) the effectiveness of the series of
restructuring actions Whirlpool has announced and/or completed through 2004;
(14) U.S. interest rates; (15) changes to the obligations as presented in the
contractual obligations table; (16) changes in the funded position of the U.S.
pension plans; (17) continued strength of the U.S. builder industry; (18) the
threat of terrorist activities or the impact of war; (19) Whirlpool's estimate
of its annual effective tax rate of approximately 31.7%; and (20) the ability
of Whirlpool and Maytag to satisfy the conditions to consummation of the
merger agreement between them, including Maytag shareholder approval and
regulatory clearances, the timing of such satisfaction and in the event the
merger is completed, Whirlpool's ability to realize expected benefits and the
timing of such realization.
Maytag Additional Information:
This document includes statements that do not directly or exclusively
relate to historical facts. Such statements are "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These forward-looking statements
include statements regarding benefits of the proposed transactions, expected
cost savings and anticipated future financial operating performance and
results, including estimates of growth. These statements are based on the
current expectations of management of Maytag. There are a number of risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements included in this document. For example, with
respect to the transaction with Whirlpool (1) Maytag may be unable to obtain
shareholder approval required for the transaction; (2) conditions to the
closing of the transaction may not be satisfied or the merger agreement may be
terminated prior to closing; (3) Maytag may be unable to obtain the regulatory
approvals required to close the transaction, or required regulatory approvals
may delay the transaction or result in the imposition of conditions that could
have a material adverse effect on Maytag or cause the parties to abandon the
transaction; (4) Maytag may be unable to achieve cost-cutting goals or it may
take longer than expected to achieve those goals; (5) the transaction may
involve unexpected costs or unexpected liabilities; (6) the credit ratings of
Maytag or its subsidiaries may be different from what the parties expect; (7)
the businesses of Maytag may suffer as a result of uncertainty surrounding the
transaction; (8) the industry may be subject to future regulatory or
legislative actions that could adversely affect Maytag; and (9) Maytag may be
adversely affected by other economic, business, and/or competitive factors.
Additional factors that may affect the future results of Maytag are set forth
in its filings with the Securities and Exchange Commission ("SEC"), which are
available at http://www.maytagcorp.com . Maytag undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.
Additional Information Relating to the Merger and Where to Find It
Whirlpool and Maytag will file a prospectus/proxy statement with the SEC
in connection with the proposed transaction. Investors are urged to read any
such prospectus/proxy statement, when available, which will contain important
information. The prospectus/proxy statement will be, and other documents filed
by Whirlpool and Maytag with the SEC are, available free of charge at the
SEC's website ( http://www.sec.gov ) or from Whirlpool by directing a request
to Whirlpool Corporation, 2000 North M-63, Mail Drop 2800, Benton Harbor, MI
49022-2692, Attention: Larry Venturelli, Vice President, Investor Relations,
or from Maytag Corporation's Web site at http://www.maytagcorp.com . Neither
this communication nor the prospectus/proxy statement, when available, will
constitute an offer to issue Whirlpool common stock in any jurisdiction
outside the United States where such offer or issuance would be prohibited --
such an offer or issuance will only be made in accordance with the applicable
laws of such jurisdiction.
Whirlpool, Maytag and their respective directors, executive officers, and
other employees may be deemed to be participating in the solicitation of
proxies from Maytag stockholders in connection with the approval of the
proposed transaction. Information about Whirlpool's directors and executive
officers is available in Whirlpool's proxy statement, dated March 18, 2005,
for its 2005 annual meeting of stockholders. Information about Maytag's
directors and executive officers is available in Maytag's proxy statement,
dated April 4, 2005, for its 2005 annual meeting of stockholders. Additional
information about the interests of potential participants will be included in
the prospectus/proxy statement Whirlpool and Maytag will file with the SEC.
Media Contact: John Daggett
Maytag Corporate Communications
(641) 787-7711
jdagge@maytag.com
SOURCE Maytag Corporation
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Related links:
http://www.maytagcorp.com
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CONTACT:
John Daggett of Maytag Corporate
Communications, +1-641-787-7711, jdagge@maytag.com
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