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): November 7, 1995 (November 1, 1995)
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.)
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Item 5. Other Events
The Company announced on November 1, 1995 that it has entered into a letter
of intent to sell the business and assets of its Dixie-Narco, Inc.,
manufacturing operation in Eastlake, Ohio to a private investor for an
undisclosed amount. The facility designs and manufactures currency validators
and electronic components used in the gaming and vending industry. Dixie
Narco's headquarters and vending machine facility in Williston, South Carolina
are not affected by the asset sale at Eastlake.
A copy of the Company's press release issued November 1, 1995 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 John P. Cunningham, Jr.
John P. Cunningham, Jr.
Executive Vice President &
Chief Financial Officer
November 7, 1995
(Date)
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EXHIBIT INDEX
The following exhibit is filed herewith.
Exhibit No. Exhibit
99(a) Press Release.
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MAYTAG CORP. TO EXIT CURRENCY VALIDATOR BUSINESS
(NEWTON, IOWA, NOV. 1, 1995)--Maytag Corporation announced today
it has entered into a letter of intent to sell the business and
assets of its Dixie-Narco, Inc., manufacturing operation in
Eastlake, Ohio, to a private investor for an undisclosed amount.
The facility, which designs and manufactures currency validators
and electronic components used in the gaming and vending
industries, employs approximately 300. Dixie-Narco's
headquarters and vending machine manufacturing facility in
Williston, S.C., are not affected by the asset sale at Eastlake.
"Going forward, Dixie-Narco's management resources and
capital investments will be focused on our core business of
designing, manufacturing, and marketing vending machines and
glass front merchandisers," explained Dixie-Narco President
Robert W. Downing. "We believe this focus is the best way for us
to meet the changing needs of our customers worldwide and to
reach our own targets for growth."
Maytag Corporation expects the transaction to close in the
next 60 to 90 days and will take a non-cash book loss of
approximately $6-7 million on the asset sale.
Dixie-Narco is a subsidiary of Maytag Corporation. Dixie-
Narco is the leading producer of cold-drink can and bottle
vending machines. Its reported 1994 sales were $192 million and
operating income was $22 million.
Media contact: Tom Schwartz at Maytag 515-791-6342
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