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: February 16, 1999
Date of earliest event reported: February 11, 1999
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 February 11, 1999, Maytag Corporation issued a press release
announcing the board of directors extended the current share repurchase
program by authorizing the repurchase of up to 10 million additional
shares.
A copy of the Company's press release issued February 11, 1999, 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
February 16, 1999
(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
CHICAGO, ILL.--(Feb. 11, 1999)--Maytag Corporation's board of
directors authorized an additional share repurchase program and declared a
quarterly dividend of 18 cents a share on the firm's common stock during a
meeting today in Chicago.
Since late 1995, Maytag has repurchased approximately 22.1 million
shares and approximately 5.5 million remained available for repurchase
under prior authorization. Today's action extends the current repurchase
program by authorizing the repurchase of up to 10 million additional
shares. At the end of January, Maytag had approximately 89 million shares
outstanding.
The share repurchase program 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 judgment and other investment
opportunities.
The 18-cent quarterly dividend is payable Mar. 15 to shareowners of
record at
the close of business Mar. 1.
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.
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Forward-Looking Statements: Certain statements in this news release,
including any discussion of management expectations for future periods,
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that may
cause actual results to differ materially from the future results expressed
or implied by those statements. Refer to Part II, Item 7 of Maytag's
Annual Report on Form 10-K for the year ended December 31, 1997, for a
description of such factors.
CPI9904
Media Contact:
Additional Information:
James G. Powell
www.maytagcorp.com
Maytag Communications
515-787-8392
[email protected]<PAGE>
