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Maytag CEO Hake: "A Much Different Company Than a Year Ago"
11-19-04
RTO Online
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Maytag Corporation (MYG) today presented its strategies for improved performance during a conference with financial analysts in New York City, saying that Maytag is a much different company than it was just a year ago.

Chairman and CEO Ralph F. Hake commented, "Through our One Company restructuring initiative, we have laid the foundation for a much reduced cost structure, improved profitability, enhanced customer responsiveness and accelerated decision-making that will positively impact our overall competitiveness."

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Hake said that the One Company initiative announced in June, which integrated Maytag Appliances, Hoover floor care and Maytag's corporate headquarters, will transform the organization into a faster, leaner and more unified Maytag. "While this initiative brings with it many changes, our strategy remains a constant. Innovative products, preferred brands, best-in- class quality and best-in-class costs are the key to future profitable growth."

Hake told analysts that Maytag is on track to achieve $150 million in annual savings from the One Company restructuring. "An additional $30 million in annual savings is expected as a result of our new refrigeration strategy now in place," he added.

Maytag has broadened its focus beyond North America as the company expands global sourcing opportunities. "We will achieve cost improvement and become more market-responsive as a result of accelerated global procurement, the start-up of a China design center to supplement existing R&D resources, and product supply partnerships with Asian companies," Hake said.

George Moore, Maytag's executive vice president and chief financial officer, pointed out that aggressive cost-saving initiatives and appliance pricing increases have been implemented to help offset steel and fuel cost increases, which continue to pressure profitability.

Among planned, upcoming product launches are Jenn-Air glass front refrigerators and dishwashers, additions to Maytag high efficiency laundry offerings, Jade residential cooking products and refrigeration, Jenn- Air small appliances, additions to the popular SkyBox by Maytag line, Hoover extractors, hard surface cleaners and high-end vacuum cleaners.

 

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