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 6, 1998
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 5, 1998, Maytag Corporation issued a press release indicating it
expects to repurchase more of its common stock in 1998 than originally planned
given the cash flow strength being generated by record sales and earnings.
A copy of the Company's press release issued August 5, 1998 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: s/s G. J. Pribanic
G. J. Pribanic
Chief Financial Officer
August 6, 1998
(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 INCREASES ITS SHARE REPURCHASE TARGET FOR '98
NEWTON, IOWA--(Aug. 5, 1998)--Maytag Corporation will repurchase more
of its common stock this year than originally planned, according to an
announcement today by Leonard A. Hadley, chairman and CEO.
"Our business continues to be very strong," Hadley said, "and year-to-
date we have repurchased nearly 4 million Maytag shares, which was our
initial target for all of 1998. Given the cash flow strength being
generated by record sales and earnings, we will continue to buy back Maytag
stock as the year progresses.
"The innovative home and commercial products we've brought to market
in the past year have been tremendous successes. Building on our record
first-half performance, Maytag is well-positioned to deliver another year
of record sales and earnings in 1998."
Maytag has repurchased approximately 19.7 million shares of its common
stock since the program started in October 1995. Approximately 11.1
million more shares are available for repurchase under the current
authorization. As of July 31, the corporation had 91.1 million shares
outstanding.
Maytag Corporation is a leading producer of home and commercial
appliances. Its products are sold to customers throughout North America
and in targeted international markets. Maytag also is the majority owner
in a China joint venture with Hefei Rongshida, one of that country's
leading washing machine companies.
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CPI9821
Media Contact:
Additional Information:
James G. Powell
www.maytagcorp.com
Maytag Communications
515-787-8392<PAGE>
