Maytag, Corp. (Newton, Iowa) has entered into a mutual confidentiality agreement with Whirlpool Corp. (Benton Harbor, Mich.).
The agreement permits the Number One and Number Three consumer appliance manufacturers in the U.S. to commence the due diligence phase of their proposed deal in which Whirlpool will acquire Maytag.
Whirlpool is the world’s leading manufacturer and marketer of major home appliances, with annual sales of over $13 billion. It markets Whirlpool, KitchenAid, Brastemp, Bauknecht, Consul and other major brand names to consumers in more than 170 countries.
Maytag is the third-largest U.S. manufacturer of home appliances. (GE Consumer Products, Louisville, Ky., is second in the marketplace.) It sells washers, dryers, dishwashers, refrigerators, and cooking appliances under brand names Admiral, Amana, Jenn-Air, Magic Chef and Maytag. The company also makes Hoover vacuums, Jade commercial ranges and Dixie-Narco beverage vending machines. The company sells its products through national retailers (Sears accounts for about 13 percent of sales), its own retail stores, independent dealers and distributors.