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): September 30, 1994 (September 30, 1994)
Maytag Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-655 42-0401785
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
403 West 4th Street North, Newton, Iowa 50208
(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.)
Page 1 of 4
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Item 5. Other Events
The Company announced today that it will not proceed with a planned
initial public stock offering of its combined Australian subsidiaries, as
was previously announced on May 23, 1994.
A copy of the Company's press release issued September 30, 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:Mark A. Garth
Mark A. Garth
Vice President &
Corporate Controller
September 30, 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--(Sept. 30, 1994)--Due to recent deterioration and current
weakness of the new issue equity market in Australia, Maytag Corporation
announced today it will not proceed with a planned initial public stock
offering of its combined Australian subsidiaries.
Maytag Chairman & CEO Leonard A. Hadley said, "Hoover Australia is a
strong, profitable company, with a good outlook for this year and 1995. We
can create greater shareowner value by retaining this business rather than
divesting it in a down market."
In late May, Maytag announced its intention to pursue an initial public
stock offering of its operations in Australia and New Zealand. At that time,
Hadley pointed out that the operations there were performing well, but they
were not critical to Maytag's business strategy.
"Several months ago, our intentions to divest our operations in
Australia made sound business sense. Now, given the weakness in new equity
issues in Australia, we will receive greater benefit by continuing to own and
run the operations, which are positioned for further growth in 1995." Hadley
said.
Hoover Australia has been a division of Maytag since 1989. It
manufactures laundry equipment, refrigerators and floor care products
primarily for the Australian and New Zealand markets.
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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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CPI9424
