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 30, 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 May 30, 1995 that it has sold its Hoover operations
in Europe for approximately $170 million (U.S.) in cash to a company
headquartered in Italy.
A copy of the Company's press release issued May 30, 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.
2<PAGE>
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:John P. Cunningham, Jr.
John P. Cunningham, Jr.
Executive Vice President &
Chief Financial Officer
May 30, 1995
(Date)
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EXHIBIT INDEX
The following exhibit is filed herewith.
Exhibit No. Exhibit
99(a) Press Release.
4<PAGE>
MAYTAG SELLS HOOVER EUROPEAN APPLIANCE GROUP
NEWTON, IOWA--(May 30, 1995)-- Maytag Corporation today
announced it has agreed to sell its Hoover European Appliance
Group to Candy S.p.A., a leading European producer of
household appliances, for approximately $170 million. The
Hoover European Appliance Group manufactures and sells floor
care products and household appliances throughout Europe.
Included in the sale will be the Hoover European Appliance
Group's headquarters and two manufacturing sites in the U.K.,
and a manufacturing site in Portugal. Additionally, Candy
will acquire rights to the Hoover trademark in Europe, and
parts of the Middle East and Northern Africa. The sale does
not involve Maytag's other operations, including its Hoover
business in North America.
"This is a strategic decision to focus on growing our
core North American appliance and floor care businesses, which
include Hoover North America," said Maytag Chairman and CEO
Leonard A. Hadley. "The proceeds will give us additional
flexibility in increasing shareowner value. Maytag will
continue to export its other brand name major appliances
through Maytag International, and continue the international
growth of our vending equipment business, Dixie-Narco.<PAGE>
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"Candy, a private company based in Monza, Italy, is a
quality company with a proud history in the European appliance
business," Hadley said. "Going forward, we welcome this
opportunity to explore additional commercial relationships
with Candy in floor care and major appliances."
Maytag has owned the Hoover European Appliance Group
since 1989, when it acquired Chicago Pacific Corp., which
owned the business at the time.
For the first quarter 1995, the Hoover European Appliance
Group reported increased sales and operating income of $1.2
million, versus a loss of $3.7 million a year ago.
The sale is expected to be completed by the third quarter
1995. It will result in a book loss of approximately $130
million for Maytag. "However, it will not have a significant
impact on Maytag's 1995 earnings outlook and the cash
generated will allow Maytag essentially to complete our
balance sheet restructuring and increase our commitment to our
core markets," Hadley added.
Maytag Corporation is the leading North American producer
of premium brand appliances, Maytag and Jenn-Air brands, and
the leading North American producer of floor care products
under the Hoover brand. The corporation also produces and
markets major appliances under the Magic Chef and Admiral
brands, and under private label brands. Dixie-Narco is the
corporation's vending equipment manufacturer. Maytag is
headquartered in Newton, Iowa, with principal manufacturing <PAGE>
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facilities in North America and approximately 16,000 employees
worldwide. Maytag sales in 1994 were $3.4 billion.
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Media: Contact Tom Schwartz at Maytag 515-791-6342<PAGE>
