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): January 11, 1995 (December 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 on January 3, 1995 that it has sold its Hoover
operations in Australia and New Zealand for $84 million (U.S.) in cash
to a company headquartered in Australia. The cash received included a $3
million (U.S.) dividend received from the Australian operations prior to
the closing date.
A copy of the Company's press release issued January 3, 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: Mark A. Garth
Mark A. Garth
Vice President &
Corporate Controller
January 11, 1995
(Date)
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EXHIBIT INDEX
The following exhibit is filed herewith.
Exhibit No. Exhibit
99(a)Press Release.
FOR IMMEDIATE RELEASE
Contact: James G. Powell
Phone: 515-791-8392
NEWTON, IOWA--(Jan. 3, 1995)--Maytag Corporation announced
today it has sold its Hoover operations in Australia and New
Zealand to Southcorp Holdings Ltd., a diversified company
headquartered in Adelaide, Australia. The agreement was signed
late last Friday in Australia, and the effective date of the sale
is retroactive to Dec. 1, 1994.
According to the agreement, Southcorp will pay Maytag
approximately $84 million (U.S.) in cash for Hoover Australia's
laundry equipment, refrigeration and floor care products
business. These operations will complement Southcorp's existing
range and dishwasher business. Hoover Australia had 1993 sales
of nearly $128 million (U.S.), and sales for 1994 were $143
million (U.S.) The sale does not involve Maytag's other Hoover
operations, including those headquartered in the United States
and United Kingdom.
The sale will not have a significant impact on Maytag's
1995 earnings.
In May of last year, Maytag announced its intention to
divest its Hoover operations in Australia and New Zealand through
an initial public stock offering. At that time, Maytag Chairman
and CEO Leonard A Hadley said, "Our Australian operations are
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performing well, but we wish to concentrate our resources more on
our core North American major appliance and floor care
business."
However, due to subsequent deterioration and weakness of
the new issue equity market in Australia, on Sept. 30, 1994,
Maytag announced that it would not proceed with the initial
public stock offering. Talks with Southcorp regarding the
outright purchase of Hoover Australia began shortly after that.
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.
Headquartered in Newton, Iowa, Maytag has 18 manufacturing
operations in five countries and approximately 19,500 employees
worldwide.
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CPI9501
