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CONFORMED COPY
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event Reported) March 1, 1999
WHIRLPOOL CORPORATION
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(Exact name of registrant as specified in charter)
Delaware 1-3932 38-1490038
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(State or Other Jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.
2000 M63 North, Benton Harbor, Michigan 49022-2692
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(Address of principal executive Offices) (Zip Code)
(616)-923-5000
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Registrant's telephone number, including area code
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Item 5. Other Events
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On March 1, 1999 the registrant announced that its Board of Directors
approved the repurchase of up to $250 million of the company's outstanding
shares of common stock.
Item 7. Financial Statements and Exhibits
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Copy of press release dated March 1, 1999 regarding the registrant's
announcement that its Board of Directors has approved the repurchase of up to
$250 million of the company's outstanding shares of common stock.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WHIRLPOOL CORPORATION
Registrant
Date: March 3, 1999 By: /s/ Robert T. Kenagy
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Name: Robert T. Kenagy
Title: Associate General Counsel and Secretary
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Contact: Christopher Wyse
616-923-3417
[email protected]
WHIRLPOOL CORPORATION ANNOUNCES SHARE REPURCHASE,
RETENTION OF EMBRACO AND PLANS TO REDUCE CURRENCY
DEVALUATION EXPOSURE IN BRAZIL
BENTON HARBOR, Mich. -- Mar. 1, 1999--Whirlpool Corporation (NYSE: WHR)
today announced that its Board of Directors approved the repurchase of up to
$250 million of the company's outstanding shares of common stock.
Whirlpool also said it has concluded the review of strategic options for
Empresa Brasileira de Compressores S.A. (Embraco), its hermetic compressor-
manufacturing subsidiary headquartered in Joinville, Brazil, and is electing to
retain the business.
"Embraco is an extremely well-managed company," said David R. Whitwam,
Whirlpool Chairman and CEO. "It has built a global leadership position, with
sixty-five percent of sales exported out of Brazil and we expect it to benefit
significantly from the new Brazilian currency exchange policy."
Regarding the stock repurchase, Whitwam said, "Today our worldwide
businesses are performing solidly. Because of this performance and our present
operating strength, we expect our first quarter and full year operating profits
to be at record levels, with projected double-digit increases. Both our North
American and European businesses continue to improve on their strong 1998
performance levels. We believe our Asian business will have its second
consecutive positive operating profit contribution for the first quarter and
will be profitable for the full year."
"Because of this strength," Whitwam explained, "we believe our stock
remains an excellent value despite the near-term uncertainty surrounding the
Brazilian currency devaluation and the potential profit impact on our major home
- more -
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Whirlpool Announces Share Repurchase -- add one
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appliance business in the Brazilian market."
"Our Multibras home appliance business in Brazil continues to perform
relatively well in this very challenging environment and we believe Embraco's
operating profit levels will solidly exceed last year."
In addition to the share repurchase, the company has plans in place to make
a series of significant adjustments to its Brazilian balance sheet over the next
30 days in order to mitigate the exposure to fluctuations in the Brazilian
currency to one-half of previous levels, thereby reducing future volatility and
the potential for negative impact on its earnings resulting from currency
devaluation.
"The decision to repurchase our shares, which we believe are undervalued,
and to reduce the potential impact of currency volatility in Brazil should serve
to highlight the underlying strength of our businesses worldwide, as well as the
continued performance improvements we are seeing in these businesses," added
Whitwam. "While we are unable to predict the extent of the Brazilian currency
devaluation and its impact on net earnings for the full year, we are confident
in the strength of our global business and our ability to deliver solid
increases in operating profit."
Whirlpool common stock is listed on the New York and Chicago stock
exchanges; currently there are approximately 76 million shares outstanding.
Purchases will be made from time to time via open market and privately
negotiated transactions, as the company deems appropriate.
Whirlpool Corporation is the world's leading manufacturer and marketer of
major home appliances. Headquartered in Benton Harbor, the company manufactures
in 13 countries and markets products under 11 major brand names in more than 170
countries. Additional information about the company can be found on the
Internet at www.WhirlpoolCorp.com.
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