OTHER NEWS - May 31, 1995

Maytag Sells Hoover Europe Division: The Newton, Iowa-based appliance manufacturer said it is selling the division at a loss, ending an embarrassing chapter in the appliance manufacturer’s history. Maytag said it will sell Hoover Europe for about $170 million to Candy, an Italian appliance maker, and that it will record a loss of about $130 million on the deal. It is keeping its Hoover line of floor care products in North America, as well as its Maytag, Jenn-Air, Magic Chef and Admiral appliance operations. Maytag Chairman and Chief Executive Leonard Hadley said the sale will not significantly reduce the company’s earnings outlook for 1995. Maytag shares rose 50 cents to close at $15.875 on the New York Stock Exchange.