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Dixie-Narco On The Block


April 29, 2008
By Canadian Vending Staff

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DES MOINES (AP) – Maytag Corp., reporting a bigger loss for the fourth quarter, said it is seeking permission from its prospective buyer Whirlpool Corp. to sell its Hoover floor care and vending machine businesses.

DES MOINES (AP) – Maytag Corp., reporting a bigger loss for the fourth quarter, said it is seeking permission from its prospective buyer Whirlpool Corp. to sell its Hoover floor care and vending machine businesses.

Maytag bought Hoover in 1989 in a $1 billion US deal, three years after acquiring Magic Chef, which included the Dixie-Narco vending machine subsidiary; another business CEO Ralph Hake said will be sold.
Whirlpool has the right to approve the sale of Maytag assets as part of its deal to acquire Maytag, Whirlpool CEO Jeff Fettig said in a statement.

“Whirlpool looks forward to reviewing any proposals Maytag may present, within the framework of our merger agreement,” he said.

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Both companies still expect the deal to close in by the end of next month.

Maytag lost $75 million, or 93 cents per share, in the October-December period versus a loss of $14.1 million, or 18 cents per share, in the prior-year period. o


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