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MAYTAG ANNOUNCES SUPPORT OF CONGRESSIONAL APPROVAL OF NAFTA

 NEWTON, Iowa, Nov. 8 /PRNewswire/ -- Because of a commitment by the Clinton Administration and legislation the President sent to Congress last week, Maytag Corporation (NYSE: MYG) has announced it supports Congressional approval of the North American Free Trade Agreement (NAFTA).
 In announcing the corporation's endorsement of NAFTA, Maytag Chairman and CEO Leonard A. Hadley said, "The Administration has stated its intent to give high priority to negotiating an accelerated phase-out of the high Mexican appliance tariffs within 120 days of NAFTA's effective date. Additionally, the bill that the President has sent to Congress makes changes to existing U.S. trade laws that will enable Maytag and other U.S. appliance firms to make a stronger case for relief if they are threatened or injured by Mexican imports."
 Hadley also said that Iowa Senator Charles Grassley and Iowa Representatives Neal Smith and Fred Grandy played key roles in winning approval of these important provisions.
 Earlier Maytag had expressed strong concerns about the potential impact of NAFTA on U.S. appliance makers because terms of the agreement would permit Mexican tariffs on imported appliances to remain high over the next decade, while U.S. tariffs on appliances coming in from Mexico are immediately eliminated.
 The recent action by the Administration has helped to alleviate these concerns, Hadley said. He added, "The rapid acceleration of the NAFTA phase-out schedule for Mexican appliance tariffs is vital to Maytag's prospects for export growth and job creation. Once NAFTA is in place, we will work closely with the U.S. Trade Representative's office to achieve this goal."
 Maytag is a leading appliance enterprise focused on five principal areas of home management: laundry, cooking, dishwashing, refrigeration and floor care. Vending equipment is an additional corporate business.
 Headquartered in Newton, Iowa, the corporation's appliance brands include Maytag, Hoover, Jenn-Air, Magic Chef and Admiral. Dixie-Narco is the firm's vending equipment manufacturer.
 -0- 11/8/93
 /CONTACT: James G. Powell of Maytag Corporation, 515-791-8392/
 (MYG)


CO: Maytag Corporation ST: Iowa IN: HOU SU:

WB -- NY036 -- 1666 11/08/93 10:11 EST
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Publication:PR Newswire
Date:Nov 8, 1993
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