BENTON HARBOR, Mich.,
July 20, 2016 /PRNewswire/ -- The
U.S. Department of Commerce (DOC) issued a preliminary antidumping
ruling today confirming Whirlpool Corporation's allegations that
Samsung and LG are engaging in ongoing unlawful dumping of clothes
washers into the United
States.
As a result of today's DOC ruling, Samsung and LG will be
required to pay cash deposits on clothes washers imported into
the United States from their
production facilities in China.
The cash deposit rate for Samsung is 111.09 percent, and the rate
for LG is 49.88 percent. The DOC also decided to apply Samsung's
dumping rate retroactively 90 days to remedy its recent efforts to
stockpile washers and undermine the effectiveness of the
ruling.
"Today's ruling is an important step forward in an effort to
stop serial dumping practices by Samsung and LG and uphold free and
fair trade practices," said Marc
Bitzer, president and chief operating officer for Whirlpool
Corp. "At Whirlpool, we know that open, rules-based trade ensures
the highest level of innovation and choice for consumers."
Today's DOC ruling is in response to a petition filed by
Whirlpool Corp. in December 2015. The
petition outlines a long-term, repeated pattern of pricing below
cost by Samsung and LG - a practice that is injuring American
washer manufacturers and threatening American manufacturing
jobs.
In 2013, the U.S. government also found that Samsung and LG were
dumping large residential clothes washers exported to the United States from their production
facilities in South Korea and
Mexico. Following that ruling,
Samsung and LG moved their washer production for the United States to China, skirting the order and continuing to
dump into the United States.
Enforcing trade rules will help level the playing field for U.S.
appliance manufacturers. This includes Whirlpool Corp.'s 22,000
employees across the United States - which encompass 15,000
manufacturing workers located in nine plants across the country. To
learn more about the company's U.S. investments and prior trade
case, visit their website: WhirlpoolCorp.com/fair-trade.
Case
Timeline:
|
|
|
|
December
2015
|
Whirlpool Corporation
files antidumping petition
|
|
|
January
2016
|
U.S. International
Trade Commission issues unanimous preliminary
affirmative vote to continue the antidumping
investigation
|
|
|
July
2016
|
U.S. Department of
Commerce expected to release its preliminary antidumping
determination
|
|
|
December
2016
|
U.S. Department of
Commerce expected to release its final antidumping
determination
|
|
|
January
2017
|
U.S. International
Trade Commission expected to release its final determination
regarding injury to the U.S. clothes washer industry caused by the
dumped imports
|
|
|
January
2017
|
U.S. Department of
Commerce expected to issue a final order based on Commerce
Department's and U.S. International Trade Commission's final
affirmative determinations
|
|
|
About Whirlpool Corporation
Whirlpool Corporation (NYSE: WHR) is the number one major
appliance manufacturer in the world, with approximately
$21 billion in annual sales, 97,000
employees and 70 manufacturing and technology research centers in
2015. The company markets Whirlpool, KitchenAid, Maytag, Consul,
Brastemp, Amana, Bauknecht, Jenn-Air, Indesit and other major
brand names in nearly every country throughout the world.
Additional information about the company can be found at
WhirlpoolCorp.com, or find us on Twitter at @WhirlpoolCorp.
Whirlpool Corp. in the U.S.
More than 80 percent of the products sold by Whirlpool Corp. in
the United States are assembled in
the United States. The company's
Clyde, Ohio, washing machine
manufacturing facility not only meets America's washers needs but
also exports 10 percent of the washers it makes to meet the needs
of families throughout the world. The company's investment in
Ohio includes five factories,
10,000 employees, $1.6 billion in
supply chain spending and $7.4
billion in manufacturing spending. In the United States, the company employs 22,000
people, with 15,000 of those jobs being held by manufacturing
workers in its nine U.S. production plants.
Whirlpool Corp. in China
Whirlpool Corp. has a two-decade history meeting the needs of
Chinese consumers through significant manufacturing and research
and development investments in the country. The company has more
than 20,000 employees in Beijing,
Shanghai, Shandong, Zhejiang, Guangdong, and Anhui provinces. China is an important growth market for
Whirlpool Corp., and the company is quickly expanding its
investment in the country.
Whirlpool Corp. Additional Information
Certain statements in this press release relating to the
antidumping petition, antidumping duties and the expected timing
for resolution constitute "forward-looking statements" within the
meaning of the federal securities laws. These statements reflect
management's current expectations regarding future events and speak
only as of the date of this press release. Forward-looking
statements involve significant risks and uncertainties, should not
be read as guarantees of future performance and will not
necessarily be accurate indications of whether or not, or the times
at or by which, events will occur. Actual performance may differ
materially from that expressed or implied in such statements.
Important factors that could cause actual results to differ
materially from these expectations include, among other things, the
risk that the resolution of these matters may be significantly
delayed. In addition to these risks, reference should also be made
to the factors discussed under "Risk Factors" in Whirlpool Corp.'s
periodic filings with the Securities and Exchange Commission.
Although the forward-looking statements contained in this press
release are based upon what are believed to be reasonable
assumptions, investors cannot be assured that actual results will
be consistent with these forward-looking statements, and the
differences may be material. These forward-looking statements are
made as of the date of this press release and, except as expressly
required by applicable law, Whirlpool Corp. assumes no obligation
to update or revise them to reflect new events or
circumstances.
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SOURCE Whirlpool Corporation