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 15, 1997
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) 792-7000
N/A
(Former name or former address, if changed since last report.)
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Item 5. Other Events
On May 15, 1997 the Company's board of directors authorized an additional
repurchase of the Company's common stock. Since late 1995, the Company has
repurchased approximately 11.4 million shares out of the 15.8 million shares
previously authorized. The May 15 board action authorizes the repurchase of up
to 15 million additional shares beyond the 15.8 million shares previously
authorized.
A copy of the Company's press release issued May 15, 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
May 15, 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 AUTHORIZES REPURCHASE OF ADDITIONAL SHARES;
DECLARES QUARTERLY DIVIDEND
NEWTON, IOWA--(May 15, 1997)--Maytag Corporation's board of directors
authorized an additional share repurchase program and declared a quarterly
dividend of 16 cents a share on the firm's common stock during a meeting today
in Newton.
Since late 1995, Maytag has repurchased approximately 11.4 million shares
out of 15.8 million shares previously authorized. Today's action extends the
current repurchase program by authorizing the repurchase of up to 15 million
additional shares. At the end of April, Maytag had approximately 97.7 million
shares outstanding.
The share repurchase programs will be conducted over an extended period of
time. Repurchases will be made on the open market or in privately negotiated
transactions.
Although there is no obligation to buy back the maximum number of shares
authorized for repurchase, Maytag Chairman and CEO Leonard A. Hadley said the
corporation intends to repurchase as many of the authorized shares as possible,
consistent with sound financial judgement and other investment opportunities.
The 16-cent quarterly dividend is payable June 16 to shareowners of record
at the close of business May 30.
Maytag Corporation is a leading producer of major home appliances, floor
care products and vending equipment. Its well-known brands include Maytag,
Jenn-Air, Hoover, Magic Chef and Admiral. Dixie-Narco is the corporation's
vending equipment manufacturer. Maytag also has a joint venture in China with
Hefei Rongshida, the country's leading washing machine company.
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CPI9712
Media Contact:
James G. Powell
Maytag Communications
515-791-8392
Additional Information:
http://www.maytagcorp.com
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