MYG Nets Ftse Cnbc 300

Energy Bill Benefits Maytag and Consumers; Promotes Efficient Appliances NEWTON, Iowa, July 29 /PRNewswire-FirstCall/ -- Maytag (NYSE:MYG) could earn tens of millions of dollars in federal tax credits thanks to a provision included in the federal energy bill that was sent to the President's desk today. The energy bill will help expand U.S. sales of super-efficient clothes washers, refrigerators and dishwashers. (Logo: http://www.newscom.com/cgi-bin/prnh/20000505/MYGLOGO ) Maytag Chairman and CEO Ralph Hake said, "The appliance manufacturers' tax credit will support our future product innovations and is expected to have a positive impact on the company's overall financial performance. In addition, the energy bill is a winning proposition for both the consumers and the environment." The provision was first introduced in the Senate by Senators Chuck Grassley of Iowa and Blanche Lincoln of Arkansas, and in the House by Congressmen Jim Nussle of Iowa and John Tanner of Tennessee. Maytag has manufacturing operations in Newton and Amana, Iowa, Searcy, Arkansas and Jackson and Cleveland, Tennessee. Hake noted, "We commend our congressional sponsors for their leadership and dedication to energy efficiency and applaud the Congress for meeting the President's deadline." The credit, which applies only to U.S. production, provides manufacturers with a credit of $50 to $175 for each super efficient appliance produced in excess of a rolling baseline. The baseline is the average number of qualifying appliances produced in the previous three calendar years. The maximum credit for each appliance manufacturer is $75 million over a two-year period beginning in 2006. Maytag could earn tens of millions of dollars in tax credits depending on future production levels and ability to utilize tax credits. "Maytag has been a leader in promoting the appliance manufacturers' tax credit for more than five years," said David Steiner, vice president, government affairs. "It will encourage further development of new energy- efficient, environmentally-friendly appliances and will also help support American appliance manufacturing jobs." Also included in the energy bill is a provision adopting federal energy and water efficiency standards for residential-style commercial clothes washers. The new standard, for the first time, will require certain clothes washers to meet water efficiency requirements at the federal level. Other provisions include expanded programs for state-sponsored incentives, including authorization of up to $250 million over five years to provide rebates to consumers purchasing energy efficient appliances; educational programs to inform owners of coin-operated laundries, multi-family housing and other sites where commercial clothes washers are located about the new energy and water efficiency standards; and authorization to establish energy efficiency standards for refrigerated beverage vending machines. Maytag Corporation is a $4.7 billion home and commercial appliance company focused in North America and in targeted international markets. The corporation's primary brands are 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 1, 2005, and each quarter's 10-Q. Media Contact: John Daggett Maytag Corporate Communications (641) 787-7711 http://www.newscom.com/cgi-bin/prnh/20000505/MYGLOGO http://photoarchive.ap.org/ DATASOURCE: Maytag Corporation CONTACT: John Daggett, Maytag Corporate Communications, +1-641-787-7711,

Copyright