SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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): May 23, 1994
Maytag Corporation
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(Exact name of registrant as specified in its charter)
Delaware 1-655 42-0401785
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
403 West 4th Street North, Newton, Iowa 50208
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code: (515) 792-8000
N/A
(Former name or former address, if changed since last report.)
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Item 5. Other Events
The Company announced today that it intends to divest its Hoover operations
in Australia and New Zealand, preferably by way of an initial public stock
offering in Australia of its combined Australian subsidiaries. The anticipated
divestiture would not have a significant impact on the Company's earnings, and
it would not affect the number of the Company's shares outstanding.
A copy of the Company's press release issued May 23, 1994 is attached as
Exhibit 99(a) and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
The exhibits accompanying this report are listed in the accompanying
Exhibit Index.
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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.
Maytag Corporation
(Registrant)
By: s/s Mark A. Garth
Mark A. Garth
Vice President &
Corporate Controller
May 23, 1994
(Date)
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EXHIBIT INDEX
The following exhibit is filed herewith.
Exhibit No. Exhibit
99(a) Press Release.
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FOR IMMEDIATE RELEASE
Contact: James G. Powell
Phone: 515-791-8392
NEWTON, IOWA--(May 23, 1994)--Maytag intends to divest its Hoover
operations in Australia and New Zealand, preferably by way of an initial
public stock offering of its combined Australian subsidiaries.
The divestiture would not have a significant impact on Maytag's
earnings, and it would not affect the number of shares outstanding in Maytag
Corporation.
In an announcement today, Maytag Chairman and Chief Executive Officer
Leonard A. Hadley said, "Our Australian operations have performed well
recently despite competition and the effect of a recession in the local
markets. However, we wish to concentrate our resources more on our core North
American major appliance and floor care business. Spinning off this operation
will generate some capital for Maytag, and we feel the business in Australia
and New Zealand will benefit from local ownership and control. We believe it
is well-positioned to improve its performance and achieve full potential for
owners who have a greater commitment to the region."
Hoover Australia, which has been a division of Maytag since 1989,
manufactures laundry equipment, refrigerators, freezers and floor care
products primarily for the Australian and New Zealand markets.
Maytag is a leading appliance enterprise focused on five principal
areas of home management: laundry, cooking, dishwashing, refrigeration and
floor care. Vending equipment is an additional corporate business. Its
appliance brands include Maytag, Hoover, Jenn-Air, Magic Chef and Admiral.
Dixie-Narco is the corporation's vending equipment manufacturer.
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CPI9414
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