UNITED STATES
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): August 25, 1997
Commission file number 1-655
MAYTAG CORPORATION
A Delaware Corporation I.R.S. Employer Identification No. 42-0401785
403 West Fourth Street North, Newton, Iowa 50208
Registrant's telephone number: 515-792-7000
N/A
(Former name or former address, if changed since last report.)
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Item 5. Other Events
On August 25, 1997 the Company issued a press release indicating it has
agreed to acquire G.S. Blodgett Corporation, a commercial cooking products
manufacturer headquartered in Burlington, Vermont. Maytag will pay
approximately $93.5 million in cash to purchase all outstanding shares of
Blodgett stock and, in addition, will retire all Blodgett debt at closing,
currently approximately $49 million. Maytag expects to complete the transaction
in the next two months, subject to regulatory approval.
A copy of the Company's press release issued August 25, 1997 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 G. J. Pribanic
G. J. Pribanic
Chief Financial Officer
August 25, 1997
(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 CORPORATION TO ACQUIRE
LEADING COMMERCIAL COOKING PRODUCTS COMPANY
NEWTON, Iowa--(August 25, 1997)--Maytag Corporation announced today it has
agreed to acquire the G.S. Blodgett Corporation, a commercial cooking products
manufacturer headquartered in Burlington, Vt. Maytag will pay approximately
$93.5 million in cash, subject to adjustment, to purchase all outstanding shares
of Blodgett stock and, in addition, will retire all Blodgett debt at closing,
currently approximately $49 million. Maytag expects to complete the transaction
in the next two months, subject to regulatory approval.
Blodgett is a leading manufacturer of commercial ovens, fryers, and
charbroilers for the food service industry serving customers that include major
hotel and restaurant chains and food service installations. The privately-held
company recorded sales for the past 12 months of $135 million. Blodgett
operates six manufacturing plants, located primarily in the Northeast, with
approximately 750 employees.
In making the announcement, Maytag Chairman and CEO Leonard A. Hadley said:
"Blodgett is a well-managed, profitable company with a solid market position,
respected product lines, and strong brand names in their field. The commercial
food service equipment industry is a logical extension of Maytag's core business
focus and our product expertise. Through our own Jenn-Air and Magic Chef
brands, we know cooking products. We also know how to serve commercial
customers. Over the years, we have established a solid track record in meeting
the needs of business owners with Maytag brand commercial laundry equipment,
Dixie-Narco brand vending equipment, and Hoover brand commercial floor care
products. Now we are adding commercial food service equipment."
Blodgett CEO J. Douglas Johnson added: "This is a terrific opportunity for
Blodgett, its employees, dealers, and the customers who use our products.
Maytag's reputation speaks for itself as does their commitment to growth. We
believe the Blodgett name is in very good hands."
Hadley concluded: "This is one more step to grow Maytag Corporation
profitably and one more step to strengthen the balance in Maytag's earnings
stream from businesses outside traditional home appliances."
The Blodgett Corporation's primary brands include Blodgett, Pitco
Frialator, MagiKitch'n, and Blodgett Combi.
Maytag Corporation, headquartered in Newton, Iowa, is a leading producer of
major home appliances, floor care products, commercial laundry, and vending
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equipment. The corporation's brands include Maytag, Hoover, Jenn-Air, Magic
Chef, Admiral, and Dixie-Narco. Maytag also is a joint venture partner in China
with Hefei Rongshida, one of the country's leading washing machine
manufacturers.
Maytag Corporation was advised by Salomon Brothers in the transaction.
# # #
Media Contact: James G. Powell at Maytag Corporation 515-791-8392
Additional Maytag Information: http: //www.maytagcorp.com
NOTE: Blodgett and Maytag Fact Sheets attached
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FACT SHEET AND PROFILE
G.S. BLODGETT CORPORATION
- --The G.S. Blodgett Corporation traces its beginnings to the Blodgett Oven Co.
founded in Burlington, Vermont, in 1848. Today, Blodgett is a leading
manufacturer of commercial ovens, fryers, and charbroilers for the food service
industry. Blodgett also owns an equipment distributor in the U.K.
- --Blodgett is headquartered in Burlington, Vermont, and operates six
manufacturing plants, located primarily in the Northeast (four in Vermont, one
each in New Hampshire and Pennsylvania).
- --Blodgett's operating divisions include Blodgett Oven, Pitco Frialator,
Blodgett Combi, MagiKitch'n, Blodgett International, and Frialator
International.
- --Current employment is approximately 750.
- --Blodgett products are sold to commercial food service equipment dealers and
distributors and to food chains primarily through manufacturing representatives.
- --Blodgett's product lineup includes deck, convection, and conveyor ovens, hot
air and steam convection combi-ovens, deep fat fryers, pasta cookers and
rethermalizers, and charbroilers.
- --Primary brands include Blodgett (ovens), Blodgett Combi (hot air and steam
ovens) Pitco Frialator (fryers), and MagiKitch'n (charbroilers).
- --Blodgett is a privately held company, which was purchased by its management
and outside investors in 1988.
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FACT SHEET AND PROFILE
MAYTAG CORPORATION
- --Maytag Corporation traces its beginnings to F.L. Maytag's family business
founded in Newton, Iowa, in 1893. Today, Maytag is a leading producer of
premium brand major appliances, floor care products, coin-operated laundry
equipment, and cold drink vending machines.
- --Maytag Corporation is headquartered in Newton, Iowa, and operates 13
manufacturing operations in North America and a joint venture in China.
- --The corporation's brands include Maytag, Hoover, Jenn-Air, Magic Chef,
Admiral, and Dixie-Narco. RSD is the brand used on major appliance products
manufactured by the joint venture in China.
- --Current employment is approximately 21,000.
- --The corporation's home appliance and floor care products are sold through
major retail outlets in the U.S. (Sears, Best Buy, Circuit City, Montgomery
Ward, Kmart and Wal-Mart, and independently owned retail stores). Dixie-Narco
vending machines are sold primarily to major soft drink bottlers; customers for
Maytag's commercial laundry products include the coin-operated laundry markets
and institutional users, such as hospitals, nursing homes, and hotels.
- --1996 sales were $3 billion; net income $162 million; and earnings-per-share
$1.60 (special items excluded).
- --Maytag Corporation stock is traded on the NYSE under the stock symbol MYG.
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