Maytag Shareholders Chide Co. on Move Plan (moving plants overseas)

[IChing]

By DAVID PITT
Associated Press Writer



NEWTON, Iowa (AP) -- Maytag Corp. Chief Executive Ralph Hake took harsh criticism from shareholders Thursday at the company's annual meeting, but reaffirmed a plan that may include closing the company's flagship factory in this central Iowa town and moving the jobs overseas. Shareholders complained that exporting jobs is bad for Maytag's corporate image.

"Shifting production offshore will harm Maytag's brand name in the United States, where significant sales take place," said Joe Cooper, a shareholder who owns nearly 8,000 shares

Hake responded that moving jobs to Mexico and outsourcing agreements with Asian companies are part of the company's strategy to compete with low-cost imported appliances.
"We must do more to meet fierce offshore competition," he said

http://hosted.ap.org/dynamic/stories/M/MAYTAG_SHAREHOLDERS?SITE=MNMAN&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2005-05-12-13-00-39

[sadiesworld]

1. Oh well, crossing Maytag off the list.

Damn, that list is getting short.

[Protagoras]

18. Just bought a new fridge and ALMOST went with Maytag

but the repair ratings were terrible so went with Whirlpool instead. Now I'm doubly glad...till someone tells me that Whirlpool is already oversease...:(

[customerserviceguy]

2. More work

for the Maytag repairman.

[CoffeeCat]

3. It's so sad...

I don't blame companies for trying to compete to win dollars and increase profits. They're in business to make money.

However, when will these companies get it? You move manufacturing sites overseas and you lose big time, in the PR department.

You can't destroy the economy of an entire town (and this would obliterate this small town. Maytag is their major employer) without repercussions.

If Maytag was smart, they would stay in Newton. Then, hire a PR firm to tout their pro-American, fair, patriotic, small-town loving, responsible corporate practices. Make buying a Maytag appliance--a patriotic, flag-waving move---and you'll move the masses and product.

Any of us could place this story on CNN, Nightline, major network news and high-circulation dailies. Forbes would do this story--possibly Business Week and WSJ. This story would sell itself.

[lonestarnot]

4. Well they can take my stupid fucking refrigerator with them!

Piece of junk... 4 service calls in short period after new and still freezes fresh food!

[lakeguy]

5. just emailed and let them know they are off my buy list too...

not that it will help much.:-(

[lonestarnot]

6. They've been off mine since the refrigerator!

[jwirr]

7. Good for the stockholders. These are

the people who can do something about a companies future plans. Corporations are not human beings so they have no moral base but it is the stockholders who need to ask themselves about issues of patriotism and loyalty to their fellow citizens. It is about time someone remembers that when they invest their money. Just because the president's family made their money supporting our enemies does not mean it is okay to ignore the economic needs of our country.

[blm]

8. In my family, we bought the high-end Maytags for over 35 years.

They were built well and lasted through heavy use. They would be replaced about every 9-10 years, with the old one donated to someone who needed it.

I will never buy another one - and knowing they are going for the cheaper labor just ensures that I could never expect the same quality from them, anyway.

[gavodotcom]

9. I'm sure the people of Galesburg thank them.

[IChing]

10. other brand names that uses maytag

Maytag produces appliances under the Maytag, Amana, Hoover, Jenn-Air and Magic Chef brand names.

[not fooled]

11. Is there a list of GOOD employers?

I know about the "Buy Blue" website that compiles info about 'puke vs. dem contributions by corporations.

Is there something similar that lists companies that make consumer products and which keep their plants in America?

Would be nice to know who are the alternatives to the bad guys (unfortunately greatly in the majority now; I just crossed Rubbermaid off my list because tags have changed from "Made in America" to (no shock) China.

By the way, I have been waiting for the 'pukes to introduce legislation that would remove country of origin info from goods. Seems like the next logical thing for them to do to as they turn this country into a storefront for China.

[Elwood P Dowd]

12. Maytag has been in competition with low-cost appliances for decades.

Maytag appliances purchased by my sister back in the late-60s are still working today. Like KitchenAid products, Maytags were something you paid extra money for knowing they would give you 30 years of trouble-free service. It seems to me the CEO no longer cares about quality or reputation, but instead wants to fatten his wallet off 50-cent an hour wages, no benefits, and relaxed government regulations.

People will pay extra for quality. Building Maytag products in Mexico and China will just make them another brand. In the long-term, this will just hurt Maytag in my opinion.

[MARALE]

13. They have had some bad dealings in the past

From a run of bad CEOs to some not-so-smart acquisitions. They are really not that much more than the other brands, they have just had poor management the last few years. They need to stay and rethink their strategy for the future, not move overseas. IMHO

[bigluckyfeet]

15. When Will Corporate America Ever learn?

They are killing the goose that lays the golden eggs.This is another reason I would not invest in private accounts with SS.You are building up Wall St.and they are out to destroy the working people of America.

[nwliberalkiwi]

14. Amerika Meltdown

I think it's great! How many of those workers voted for Bush and Kriminals. Amerika has to meltdown to realize that there is big trouble in River City. I used to care, but now I think Amerika needs to become a third world country!

[CAcyclist]

16. I won't be buying another Maytag then

I just had to sell my 10-12 year washer because I'm moving into an apartment and it still works perfectly and looks great.

With this direction the company is taking, I am sure the quality will suffer. I'd rather buy an Italian-made machine like the one I bought for my business. Its an Equator - it's cool- its a small frontloader that washes and then it dries. Very energy efficient and space-saving

[Iowa]

17. Nobody has replied to an earlier question by not fooled...

What brand would you buy? Based on my experience, Whirlpool is total crap. GE is a very bad company when it comes to labor issues. Kenmore's stuff is made by Whirlpool (or at least it used to be). Is there an American made appliance that isn't a piece of junk? Or does such a thing no longer exist now that Maytag has joined the dark side? Anybody?

[Protagoras]

19. Consumer reports shows Maytag as the worst

and Whirlpool substantially better across the board on fridges. Other products I don't know about. GE and Kenmore fell in between.