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Maytag shareholders approve merger with Whirlpool
23 Dec '05
2 min read
Michigan based home appliances maker Whirlpool Corporation responded to the announcement by Maytag Corporation that its shareholders have voted to approve the merger agreement with Whirlpool.
"Company is very pleased that Maytag's shareholders have fully endorsed the merger," said Jeff M. Fettig, Whirlpool's Chairman and CEO. "The combination of Whirlpool and Maytag will create very substantial benefits for consumers, trade customers and shareholders."
"They believe this transaction will result in better products, quality and service, as well as efficiencies, which will enhance ability to succeed in the increasingly competitive global home- appliance industry."
The Antitrust Division of the Department of Justice is reviewing the proposed merger. Earlier this month, Whirlpool and Maytag announced that both companies have certified substantial compliance with the Antitrust Division in response to its request for additional information ("second request") and that, in order to facilitate the Antitrust Division's review, Whirlpool and Maytag have agreed not to close the merger before February 27, 2006, without the Division's concurrence, although the Division may request additional time for review.
Whirlpool and Maytag continue to expect the transaction to close as early as the first quarter of 2006, following regulatory clearance.
Whirlpool Corporation is a global manufacturerand marketer of major home appliances, with annual sales of more than $13 billion, 68,000 employees, and nearly 50 manufacturing and technology research centers around the globe. The company markets Whirlpool, KitchenAid, Brastemp, Bauknecht, Consul and other major brand names to consumers in more than 170 countries.
"Company is very pleased that Maytag's shareholders have fully endorsed the merger," said Jeff M. Fettig, Whirlpool's Chairman and CEO. "The combination of Whirlpool and Maytag will create very substantial benefits for consumers, trade customers and shareholders."
"They believe this transaction will result in better products, quality and service, as well as efficiencies, which will enhance ability to succeed in the increasingly competitive global home- appliance industry."
The Antitrust Division of the Department of Justice is reviewing the proposed merger. Earlier this month, Whirlpool and Maytag announced that both companies have certified substantial compliance with the Antitrust Division in response to its request for additional information ("second request") and that, in order to facilitate the Antitrust Division's review, Whirlpool and Maytag have agreed not to close the merger before February 27, 2006, without the Division's concurrence, although the Division may request additional time for review.
Whirlpool and Maytag continue to expect the transaction to close as early as the first quarter of 2006, following regulatory clearance.
Whirlpool Corporation is a global manufacturerand marketer of major home appliances, with annual sales of more than $13 billion, 68,000 employees, and nearly 50 manufacturing and technology research centers around the globe. The company markets Whirlpool, KitchenAid, Brastemp, Bauknecht, Consul and other major brand names to consumers in more than 170 countries.
Whirlpool Corporation
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