I.B.E.W. Local Ratifies New Labor Contract at Hoover Floor Care

I.B.E.W. Local Ratifies New Labor Contract at Hoover Floor Care

		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

NORTH CANTON, Ohio, Dec. 9 /PRNewswire-FirstCall/ -- The Hoover Company -- the floor care division of Maytag Corporation -- announced today that Local 1985 of the International Brotherhood of Electrical Workers ratified a new contract agreement that will be in effect through June 29, 2008. (Logo: http://www.newscom.com/cgi-bin/prnh/20000505/MYGLOGO ) I.B.E.W. Local 1985 represents production workers at Hoover's facilities in Stark County, Ohio, where the floor care business is headquartered. Hoover President Tom Briatico said, "The new contract is a positive development and helps both the company and employees by better positioning us to compete in a global floor care environment." Briatico explained that the new contract extension addresses key cost issues such as active employee and retiree health benefits, work rule flexibilities and job security language that guarantees a minimum level of jobs in North Canton. The contract is a positive development for the corporation, but with the early signing the company expects to take a small charge in the fourth quarter 2003. Maytag Corporation (NYSE: MYG) is a leading producer of home and commercial appliances. 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.