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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) February 15, 2000
WHIRLPOOL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-3932 38-1490038
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(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification No.)
2000 M63 North, Benton Harbor, Michigan 49022-2692
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(Address of principal executive officers) (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 February 15, 2000, the registrant reported that its Board of
Directors has authorized an extension of the company's stock repurchase program
to $1 billion. The new $750 million share repurchase authorization extends the
previously authorized $250 million repurchase program, which began in the first
quarter of 1999.
Item 7. Financial Statements and Exhibits
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Copy of press release dated February 15, 2000 regarding the announcement
that the registrant's Board of Directors has authorized an extension of the
company's stock repurchase program to $1 billion.
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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: February 16, 2000 By: /S/ Robert T. Kenagy
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Name: Robert T. Kenagy
Title: Associate General Counsel and Secretary
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Media
- ----- Contact:
Zen Yinger Christopher Wyse
616-923-5978 616-923-3417
[email protected] [email protected]
Investment
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Thomas Filstrup
616-923-3189
[email protected]
WHIRLPOOL CORPORATION EXTENDS ITS SHARE REPURCHASE
PROGRAM TO ONE BILLION DOLLARS; SEES CONTINUED STRENGTH IN
GLOBAL OPERATIONS
BENTON HARBOR, Mich. - Feb. 15, 2000 - Whirlpool Corporation (NYSE: WHR)
today announced that its Board of Director's has authorized an extension of the
company's stock repurchase program to $1 billion. The new $750 million share
repurchase authorization extends the previously authorized $250 million
repurchase program, which began in the first quarter of 1999.
"We believe that the current valuation of our stock inadequately reflects
both the current financial performance of our company, as well as the
performance we expect to deliver for the year 2000 and beyond," said Whirlpool
Chairman and CEO David R. Whitwam. "Our strong global business performance and
financial position, including healthy cash generation, enables us to both fund
our global growth plans, as well as to repurchase our shares. And, this stock
buyback program reflects our confidence in future performance at Whirlpool and
our commitment to building shareholder value."
"We recently announced record quarterly and annual performance as we
finished 1999 by delivering our 13th consecutive quarter in which core earnings
per share has grown at least 20 percent from the prior year period," added
Whitwam. "We enter 2000 with a solid growth platform that includes a global
market share position 40 percent larger than our closest competitor and the
Whirlpool brand which is the single largest selling brand of major home
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Whirlpool Share Repurchase - add one
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appliances in the world. And, we remain encouraged by consumer trends that point
toward convenience, innovation and enhanced services and by our ability to meet
consumers' needs in those areas with our leading brand names around the world."
Whitwam added that the company's North American operations have continued
to outperform the North American appliance industry, which saw core product
category growth of 5 percent in January. This performance supports the company's
expectation that North American appliance industry shipments for full-year 2000
will be up 2 to 3 percent from record 1999 levels. The company expects the
European appliance industry to grow between 4 and 5 percent and the Latin
American appliance industry unit shipments to grow between 7 and 10 percent in
2000. The company also expects appliance industry unit shipments in its Asian
region, comprised primarily of major businesses in India and China, to grow
between 8 and 10 percent in 2000.
"Our global appliance industry outlook, combined with the early evidence
from our market-leading North American operations gives us solid confidence in
our future performance."
The company's previously announced $250 million stock buyback should be
completed by the end of the first quarter of 2000, ahead of the original
completion target of June 2000. The new $750 million stock repurchase
authorization will be completed over an estimated 18-month period. Whirlpool
common stock is listed on the New York and Chicago stock exchanges and currently
there are approximately 74 million shares outstanding.
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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This news release contains forward-looking statements, as that term is defined
in the Private Securities Litigation Reform Act of 1995. In addition to the
expected industry-wide performance noted for 2000 and the gradual appliance
industry improvement expected by the company in latin America and noted in this
news release, there are certain factors that could cause results to differ
materially from those anticipated by some of the statements made. These factors
are listed in the Company's most recently filed Form 10-Q and/or Form 10-K.
