Maytag and UAW Sign New Labor Contract Jul 2, 2004

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Appliance maker Maytag Corporation announced that Local 997 of United Automobile, Aerospace and Agricultural Implement Workers (UAW) ratified a new 4-year contract covering production and maintenance employees at Maytag's manufacturing facilities in Newton, IA, U.S.

With the contract ratification, all production and maintenance employees at the facilities who were actively employed by Maytag on June 10, 2004, are instructed to report to work on their normal shifts and job assignments on Tuesday, July 6, 2004.

"The new contract is a positive development," commented Mark Krivoruchka, Maytag's senior vice president of Human Resources. "We are pleased that union members recognized that cost improvements are a necessity in this competitive environment."

The contract addresses key cost issues, including employee and retiree health benefits and work rule flexibility. Information related to estimated impact on Pension and Post Retirement Medical costs will be provided with second quarter results when they are announced on July 23.

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