By Armando Duke - Senior Staff Reporter
Laptop Battery Maytag Corp. said it was laying off nearly 20 percent of its salaried workforce as part of its reorganization plan that includes merging some of its divisions.Visit our AXcess News Forum and add your comments on this story. Try your hand at writing, the best story will be published on our news network. Take our business poll too!
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Microsoft June 4, 2004 (AXcess News) Newton Iowa - Maytag Corp. (NYSE: MYG) said it was laying off nearly 20 percent of its salaried workforce as part of its reorganization plan that includes merging some of its divisions.The reorganization will consolidate the Hoover Floor Care, Maytag Appliances and Corporate Headquarters organizations into what Maytag called a "one-company" transformation.
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Laptop Computers Maytag said its objective through the layoffs and restructuring was to achieve an 8 percent operating profit margin in the first quarter of 2005.
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Laptop Computer Maytag Chairman and CEO Ralph F. Hake stated, "Maytag has made significant progress in product portfolio, brand position, process improvement and quality trends. The restructuring announced today will leverage those strengths for improved performance in the highly competitive global marketplace of the major appliance and floor care industries and help us grow operating income."Advertisement
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Desktop Computer Hake emphasized that Maytag is committed to its premium brands and innovation strategy. "We have selected the one-company approach as the most effective structure to go to market with our brands and innovative products, and it was determined that this approach should dramatically improve competitiveness and position us for future growth," Hake commented.
Notebooks Hake's move may be late to the table, according to Wall Street analysts. Sales of appliances have been good and with Maytag's brandname in play, analysts think the company should have performed better.
Lenovo The news, released Friday morning, left the ratings firms mixed in their opinions.
Hard Drive Fitch changed its outlook on Maytag to negative from stable, and affirmed its 'BBB' senior unsecured and 'F2' commercial paper ratings.
Travelstar "While credit statistics remain well in line with the current rating category, Fitch is concerned by Maytag's continued restructuring efforts, which to date have produced limited results," Fitch said.
Gateway Standard & Poor's Ratings Services said today that the ratings and outlook on home appliance manufacturer Maytag Corp. (BBB/Stable/A-2) would not be affected following the company's announcement that it will take restructuring actions to streamline its businesses.Maytag says the reorganization should save the company $150 annually and be completed this year.The company now expects earnings of $1.00 to $1.10 per share this year, after charges of about $1 per share for the restructuring and the closure of the Illinois plant. Analysts concensus put that figure at $2.30 for the year and 56 cents for the second quarter.
Laptop Parts Investors reacted poorly to the news, pushing Maytag (NYSE: MYG) shares down $2.01, or 7.65%, to finish the session at $24.28 on heavy volume of 3,410,000 shares. The 90-day daily average volume was reported to be 736,636 shares. The 52-week hi/lo was reported to be $23.36 to $32.21.
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