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Maytag Shareholders OK Whirlpool Merger

December 23, 2005

Maytag Appliances • Air conditioners • Dishwashers • Ranges • Refrigerators • Washers/dryers --- News • Millions of Maytag, Jenn-Air Dishwashers Recalled • Whirlpool-Maytag Merger Gets Final OK • Maytag Shareholders Approve Merger With Whirlpool • Whirlpool Wins Maytag Bidding • Whirlpool Bids $1.3 Billion For Maytag • Maytag Sold to Investor Group • Maytag Settles Neptune Washer Lawsuit

The Maytag repairman will be lonely no more. By an overwhelming vote, Maytag shareholders have approved a proposal to join forces with rival appliance maker Whirlpool.

Maytag said the proposal was ratified on a yes vote by nearly 70 percent of the voting shareholders. The proposal only required the approval of 50 percent of the shares outstanding.

The merger is currently under review by the Justice Department. In order to facilitate the review, Maytag and Whirlpool have agreed not to close on their deal until February 27, 2006, unless the department concurs before then. Both companies say they believe the deal will be ratified in the first quarter of the year.

Maytag is a $4.8 billion home and commercial appliance company focused in North America and in targeted international markets. The company’s primary brands are Maytag, Hoover, Jenn-Air, Amana, Dixie-Narco, and Jade.

By joining forces with Maytag, Whirlpool will hold about 46 percent of the market for major appliances, well ahead of General Electric, which currently controls about a quarter of the market. The acquisition is likely to get a close review by the U.S. Justice Department’s anti-trust regulators.

Maytag is based in Newton, Iowa, with about 20,000 employees. Whirlpool has 68,000 employees, and produces kitchen and household appliances under the Whirlpool, KitchenAid, Roper and Admiral brand names.

Consumers writing to ConsumerAffairs.com have consistently complained about some Maytag appliances, including dishwashers and washing machines.

In April of this year Maytag settled a consumer class action suit alleging odor, mold and mildew problems with Maytag Neptune Washers. More than two million consumers were included in the class, and may receive repair reimbursements, replacement costs up to $500, and/or washing machine purchase certificates up to $1000.

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