Whirlpool Corporation and Maytag Corporation have received clearance from the U.S. Department of Justice to complete their proposed merger. Whirlpool says it expected to close the transaction no later than April 3, 2006.
"We are pleased with the Department of Justice's decision and look forward to closing the transaction, and begin the integration of our businesses," says Jeff M. Fettig, Whirlpool's chairman and CEO.
"The combination of Whirlpool and Maytag will create substantial benefits for consumers, trade customers and shareholders, through continued development of innovative products, improved quality and service, and cost efficiencies. The Maytag portfolio of brands, when combined with Whirlpool, will enhance our ability to succeed in reaching a broader set of customers, which can benefit from our innovation and efficiencies."
"Our merger with Whirlpool provides fair value to Maytag shareholders," says Ralph Hake, Maytag's chairman and CEO. "This transaction will enhance the competitiveness of the Maytag brands with new innovation and greater global reach to a broader base of consumers through Whirlpool's established sales and manufacturing capabilities."
A Whirlpool spokesperson told Contracting Business that information on what the merger will mean for HVAC contractors was not yet available.