BENTON HARBOR, Mich.,
Jan. 22, 2018 /PRNewswire/
-- Today Whirlpool Corporation Chairman, Jeff M. Fettig praised the Trump
Administration's decision to uphold long-standing trade rules by
establishing a tariff of up to the legal maximum of 50 percent on
imports of large residential washing machines. The administration
announced this remedy to address Samsung and LG's decade-long
efforts to unlawfully dump washers and circumvent U.S. law.
"This announcement caps nearly a decade of litigation and will
result in new manufacturing jobs in Ohio, Kentucky, South
Carolina and Tennessee,"
Fettig said. "This is a victory for American workers and consumers
alike. By enforcing our existing trade laws, President Trump has
ensured American workers will compete on a level playing field with
their foreign counterparts, enabled new manufacturing jobs here in
America and will usher in a new era of innovation for consumers
everywhere."
Whirlpool Corp. added 200 new full-time positions at its
manufacturing plant in Clyde,
Ohio, in anticipation of increased demand following a
safeguard remedy decision. The new hires are just the beginning of
increased investments in innovation, manufacturing and additional
manufacturing jobs for Whirlpool and its vendors.
"We want to thank the president, the U.S. Trade Representative,
the Office of Trade and Manufacturing Policy, the International
Trade Commission and members of Congress for putting American
workers first." Fettig continued. "We also want to thank our
passionate, hard-working employees for producing the highest
quality, most innovative washing machines in the world. We pursued
these trade cases for them, and we hope today's announcement
finally reestablishes real competition."
The president will implement a tariff rate quota effective for
three years that covers finished large residential washers and key
washer parts imported from all countries, including South Korea. Additional details are available
on the USTR's website
(https://ustr.gov/about-us/policy-offices/press-office/press-releases/2018/january/president-trump-approves-relief-us).
Today's announcement from the White House is the culmination of
litigation that began in 2011, when Whirlpool filed its first
anti-dumping petition with the U.S. International Trade Commission
(ITC). The ITC voted unanimously in all three cases brought by
Whirlpool that imports by Samsung and LG injured American workers
and manufacturers.
CASE HISTORY
- In 2013, the U.S. Government found that Samsung and LG were
unlawfully dumping South Korean and Mexican washers into
the United States.
- The two companies responded by moving washer production to
China.
- In early 2017, the U.S. Government issued a new antidumping
order against Samsung and LG for washers made in China.
- Even before the government established those penalties, the two
companies stockpiled washers in the U.S. and immediately moved
production to Vietnam and
Thailand when the penalties took
effect.
- In May 2017, Whirlpool Corp.
filed a safeguard petition with the U.S. ITC to end this pattern of
serial country-hopping to circumvent trade orders.
- In October 2017, The ITC voted
unanimously that increased large-residential washer imports have
been (or threaten to be) a substantial cause of serious injury to
the U.S. washer industry.
- In December 2017, the ITC
provided its remedy recommendations to the president.
About Whirlpool Corporation
Whirlpool Corporation
(NYSE: WHR) is the number one major appliance manufacturer in the
world, with approximately $21 billion
in annual sales, 93,000 employees and 70 manufacturing and
technology research centers in 2016. 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. Additional Information
Certain
statements in this press release relating to the safeguard petition
and the expected benefits to the company 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 we
may not realize expected benefits following resolution of our
petition. In addition to these risks, reference should also be made
to the factors discussed under "Risk Factors" in Whirlpool
Corporation'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
Corporation assumes no obligation to update or revise them to
reflect new events or circumstances.
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SOURCE Whirlpool Corporation