Maytag announces layoffs of 200 at Newton, IA plant
From the Des Moines Register:
August 18, 2005
Maytag Corp. announced this afternoon that it is laying off 200 workers effective Sept. 2 from its plant in Newton.
That brings the work force at the factory down to 1,000.
A union spokesman said just a few years ago, the labor force stood at 2,600.
Whirlpool, based in Benton Harbor, Mich., has offered to buy Maytag for about $1.68 billion in cash and Whirlpool stock. The deal would give Maytag shareholders the equivalent of $21 for each share of Maytag stock.
Analysts disagree on what a Whirlpool purchase would mean for Maytag and Iowa. The most optimistic projections have Whirlpool investing in the Maytag brand. Whirlpool's global base and purchasing power can boost Maytag's profitability and preserve employment, supporters argue.
But most experts expect job losses in Newton, particularly in Maytag's corporate headquarters. Some analysts have predicted that Whirlpool would close most Maytag factories and keep only the brand name.
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Click here for longer article on 8/19/2005 ..RAS
posted by ILIR Library at 5:51 PM
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