Whirlpool Corporation completed its acquisition of Maytag Corporation. The combined enterprise will immediately begin the integration process.
"The addition of the Maytag, Jenn-Air, Amana and other brands, and the people who support those brands, will allow Whirlpool to more fully deploy our innovation capability across a wide assortment of high-quality products and services," said Jeff M. Fettig, Whirlpool's chairman and CEO. "The combined companies will create substantial benefits for consumers, trade customers and shareholders through continued development of innovative products, improved quality and service, and cost efficiencies."
Moving forward, Whirlpool management will lead the combined company, which is headquartered in Benton Harbor, Michigan, U.S. Whirlpool plans to release its first quarter earnings on April 25, 2006 and provide more detailed information about its Maytag plans in approximately 60 days.
Under the agreement between the two companies, former stockholders of Maytag are entitled to receive U.S. $10.50 in cash and 0.1193 of a share of Whirlpool common stock for each share of Maytag common stock held or a total of approximately $848 million in cash and approximately 9.6 million shares of Whirlpool common stock.
The aggregate transaction value, including approximately $0.9 billion of Maytag debt, is $2.6 billion.
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