Maytag Announces Board Resignation
01 9월 2005 - 6:00AM
PR Newswire (US)
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 http://www.newscom.com/cgi-bin/prnh/20000505/MYGLOGO
http://photoarchive.ap.org/ DATASOURCE: Maytag Corporation CONTACT:
John Daggett of Maytag Corporate Communications, +1-641-787-7711,
Web site: http://www.maytagcorp.com/
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