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U.S. Department of Commerce Anti-dumping Ruling Supports U.S. Manufacturers



 U.S. Department of Commerce Anti-dumping Ruling Supports U.S. Manufacturers

U.S. Government Imposes Preliminary Trade Remedies on Imports of Large
Residential Washers from South Korea and Mexico

PR Newswire

BENTON HARBOR, Mich., July 30, 2012

BENTON HARBOR, Mich., July 30, 2012 /PRNewswire/ -- Today, a key anti-dumping
decision by the U.S. Department of Commerce (DOC) provides strong support for
U.S. manufacturers, ruling that foreign competitors are dumping products into
the U.S. market. The DOC's affirmative preliminary determination in the
anti-dumping investigation of large residential washers from South Korea and
Mexico is in response to a petition filed by Whirlpool Corporation (NYSE: WHR)
in December 2011 to protect its 22,000 U.S. employees, the communities in
which they work and U.S. consumers.

"The Commerce Department's preliminary finding shows that dumping is
occurring, which supports the legal action we took on behalf of our employees
and the U.S. appliance industry," said Whirlpool Corporation spokesperson
Kristine Vernier. "Whirlpool is committed to building products in the regions
where they are sold and investing in our U.S. manufacturing presence. Our
investments will continue as long as we can compete on a level playing field,
with all of our foreign competitors playing by the established rules."

As a result of today's ruling, foreign competitors, including Samsung and LG,
will be required to pay cash deposits on washers imported to the U.S. starting
in August 2012 at the rates found in the preliminary determination. The DOC
announced cash deposit rates for Korean producers LG, Samsung, and Daewoo of
12.15 percent, 9.62 percent, and 79.11 percent, respectively. Cash deposit
rates for Mexican producers Electrolux and Samsung are 33.30 percent and 72.41
percent, respectively.

The DOC also announced a 72.41 percent cash deposit rate for Whirlpool
Corporation's Mexican operations; however, the company has discontinued
shipping washers from Mexico for sale in the U.S. Therefore, Whirlpool will
not pay cash deposits related to this ruling. As part of the company's
strategic commitment to invest in U.S. manufacturing to supply the U.S.
market, Whirlpool Corporation has made significant investments at its Clyde,
Ohio, plant where it manufactures large residential washers. As a result of
these investments, by 2013 nearly 100 percent of the washers Whirlpool sells
in the U.S. will be manufactured in the U.S.

The anti-dumping investigation is ongoing, and the DOC will undertake an
in-depth audit of the information provided by Samsung and LG, before issuing
the final determinations in December 2012. Final orders are expected in
February 2013 upon issuance of final affirmative determinations from the
Commerce Department and the U.S. International Trade Commission.

For additional information and to view the petition, please visit
http://whirlpoolcorp.com/facts.

COMPLETE TIMELINE

December 30, 2011     Whirlpool filed petitions with the U.S. Department of
                      Commerce and the U.S. International Trade Commission
January, 2012         U.S. Department of Commerce released notice of
                      initiation
February, 2012        U.S. International Trade Commission released preliminary
                      determination
May, 2012             U.S. Department of Commerce released preliminary
                      countervailing duty determination
July 2012             U.S. Department of Commerce releases its preliminary
                      anti-dumping determination
                      Foreign competitors, including Samsung and LG, will be
August 2012           required to pay cash deposits on washers imported to the
                      U.S.
                      U.S. Department of Commerce expected to release its
December 2012         final anti-dumping and countervailing duties
                      determinations
                      U.S. International Trade Commission expected to release
February 2013         its final determination regarding injury to the domestic
                      industry caused by the dumped and subsidized imports
                      Final orders published upon issuance of final
February 2013         affirmative determinations from U.S. Department of
                      Commerce and U.S. International Trade Commission

About Whirlpool Corporation

Whirlpool Corporation is the world's leading manufacturer and marketer of
major home appliances, with annual sales of more than $19 billion in 2011,
68,000 employees, and 65 manufacturing and technology research centers around
the world.  The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air,
Amana, Brastemp, Consul, Bauknecht and other major brand names to consumers in
nearly every country around the world. Additional information about the
company can be found at http://www.whirlpoolcorp.com.

Whirlpool Additional Information:

This document contains forward-looking statements about Whirlpool Corporation
and its consolidated subsidiaries ("Whirlpool") that speak only as of this
date. Whirlpool disclaims any obligation to update these statements.
Forward-looking statements in this document may include, but are not limited
to, statements regarding expected earnings per share, cash flow, productivity
and material and oil-related prices. Many risks, contingencies and
uncertainties could cause actual results to differ materially from Whirlpool's
forward-looking statements. Among these factors are: (1) intense competition
in the home appliance industry reflecting the impact of both new and
established global competitors, including Asian and European manufacturers;
(2) Whirlpool's ability to continue its relationship with significant trade
customers and the ability of these trade customers to maintain or increase
market share; (3) changes in economic conditions which affect demand for our
products, including the strength of the building industry and the level of
interest rates; (4) inventory and other asset risk; (5) global, political
and/or economic uncertainty and disruptions, especially in Whirlpool's
significant geographic regions, including uncertainty and disruptions arising
from natural disasters or terrorist attacks;  (6) The impact of the European
debt crisis;  (7) the ability of Whirlpool to achieve its business plans,
productivity improvements, cost control, price increases, leveraging of its
global operating platform, and acceleration of the rate of innovation;  (8)
fluctuations in the cost of key materials (including steel, oil, plastic,
resins, copper and aluminum) and components and the ability of Whirlpool to
offset cost increases;  (9) litigation and legal compliance risk and costs,
especially costs which may be materially different from the amount we expect
to incur or have accrued for; (10)  product liability and product recall
costs;  (11) the effects and costs of governmental investigations or related
actions by third parties; (12) Whirlpool's ability to obtain and protect
intellectual property rights; (13)  the ability of suppliers of critical
parts, components and manufacturing equipment to deliver sufficient quantities
to Whirlpool in a timely and cost-effective manner;  (14) health care cost
trends, regulatory changes and variations between results and estimates that
could increase future funding obligations for pension and post retirement
benefit plans;  (15) information technology system failures and data security
breaches; (16) the impact of labor relations; (17) our ability to attract,
develop and retain executives and other qualified employees; (18) changes in
the legal and regulatory environment including environmental and health and
safety regulations; and (19) the ability of Whirlpool to manage foreign
currency fluctuations.  Additional information concerning these and other
factors can be found in Whirlpool Corporation's filings with the Securities
and Exchange Commission, including the most recent annual report on Form 10-K,
quarterly reports on Form 10-Q, and current reports on Form 8-K.

 

 

SOURCE Whirlpool Corporation

Website: http://www.whirlpoolcorp.com
Contact: Whirlpool Corporation, Media: +1-269-923-7405, Media@Whirlpool.com,
Financial: Joe Lovechio, +1-269-923-2641, Investor_Relations@Whirlpool.com
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