Maytag Corp, one of the premier brand names in America for nearly a century, but struggling recently with sagging market share and profits, said on Thursday it agreed to be acquired for US$1.13bil by investors led by private equity firm Ripplewood Holdings LLC.
The group will pay US$14 a share and assume US$975mil in debt, according to Maytag.
The deal comes as Maytag, an American brand icon which makes washing machines and driers and other household appliances like Hoover vacuum cleaners, struggles with higher steel prices and fierce competition from rivals.
In addition, the company has lost display space at retailers like Best Buy Co Inc, which is dedicating more shelf space to products from Asian competitors like LG Electronics and Samsung Electronics.
The Star Online