Whirlpool Corporation Comments on U.S. Department of Commerce Preliminary Dumping Determination

BENTON HARBOR, Mich., Oct. 27, 2011 /PRNewswire/ -- The Commerce Department issued today a preliminary determination finding that foreign producers in South Korea and Mexico – including Samsung Electronics (Samsung) and LG Electronics (LG) – violated United States and International trade laws by dumping bottom-mount refrigerators in the United States.  

"The Commerce Department's preliminary finding of dumping validates the legal actions we are taking to protect our 23,000 employees in the United States and the communities in which they work," said Whirlpool Corporation spokesperson Kristine Vernier. "When foreign companies like Samsung and LG violate trade laws, they destroy the ability of United States producers to invest, innovate and create jobs here in America. Whirlpool Corporation spends $7.4 billion each year in the United States to offer innovative products consumers are seeking. Of the products we make, more than 80 percent of what we sell in America is built in America. Maintaining jobs in the United States requires restoring fair competition through the strong enforcement of United States and International trade laws."

In the preliminary determination, the Commerce Department found company-specific dumping margins for four Mexican producers (Samsung 36.65%, LG 16.44%, Mabe 36.21%, and Electrolux 19.80%) and two Korean producers (Samsung 32.20%, and LG 4.09%). As a result of the Commerce Department's action today, affected importers will be required to post bonds as security for future payment of anti-dumping duties if United States' wholesale sales prices on bottom-mount refrigerators are not raised to fair value.  

The Commerce Department is halfway through its investigation, and will seek further information from the companies being investigated, including from LG and Samsung. The Commerce Department will also conduct a thorough audit before the final determination. As a result, the final ruling should accurately measure the respective levels of dumping.

On the successful completion of this case, the United States government will assess duties against United States imports from South Korea and Mexico of bottom-mount refrigerators.

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

Key Dates for Anti-dumping Investigation

About Whirlpool Corporation

Whirlpool Corporation is the world's leading manufacturer and marketer of major home appliances, with annual sales of more than $18 billion in 2010, 71,000 employees, and 66 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 www.whirlpoolcorp.com.

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) 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; (5) the effects and costs of governmental investigations or related actions by third parties; (6) the ability of Whirlpool to achieve its business plans, price increases, productivity improvements, cost control, leveraging of its global operating platform, and acceleration of the rate of innovation; (7) 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; (8) product liability and product recall costs; (9) the ability of Whirlpool to manage foreign currency fluctuations; (10) 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; (11) inventory and other asset risk; (12) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost-effective manner; (13) 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; (14) Whirlpool's ability to obtain and protect intellectual property rights; (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; and (18) changes in the legal and regulatory environment including environmental and health and safety regulations. 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.

CONTACT:
Whirlpool Corporation Press Office
+1-269-923-7405
[email protected]

SOURCE Whirlpool Corporation