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MAYTAG EXPECTS OVERALL IMPROVEMENT IN BUSINESS FOR 1992

 MAYTAG EXPECTS OVERALL IMPROVEMENT IN BUSINESS FOR 1992
 NEWTON, Iowa, March 16 /PRNewswire/ -- Maytag Corporation (NYSE: MYG) anticipates an overall improvement in business this year. In the firm's 1991 annual report mailed to shareowners today, Chairman & CEO Daniel J. Krumm, said, "We fully expect that 1992 will bring improvements in both sales and earnings as the economy makes a slow recovery and Maytag begins to benefit from the programs and projects put in place in 1991."
 Although business was slow last year, Krumm cited a number of important achievements such as the successful restructuring of Hoover operations in Europe, the reduction of debt by $66 million and lowering inventories by $37 million. "Most importantly," he said, "Maytag continued to fund major capital improvements and maintained spending for research and development. This will enhance our competitive position and enable us to take full advantage of an economic rebound."
 As announced earlier, Maytag's sales in 1991 were $2.97 billion, down 2.8 percent from 1990. Net income, excluding non-recurring charges, was $91.8 million, compared to $98.9 million in 1990.
 According to the annual report, capital investments by Maytag in 1991 totalled $143.4 million and the corporation expects capital spending to be approximately $160 million this year.
 Among the 1991 major capital projects mentioned by Krumm were the construction of a new $43 million dishwasher production facility in Jackson, Tenn., and the $50 million product redesign and manufacturing improvements at the Magic Chef range plant in Cleveland, Tenn.
 Pilot production runs have begun at the new dishwasher plant and shipments of newly designed Maytag brand dishwashers from that facility will begin in the third quarter of this year.
 Magic Chef plans to introduce its new gas and electric ranges in the second and third quarters of this year, with production of new corporate family brands to follow in 1993.
 During 1992, Maytag expects industry-wide shipments of major appliances in the U.S. to increase 2 to 4 percent.
 With respect to Maytag's North American floor care business, in 1991 the Hoover division increased its already strong market share with the introduction of the popular Elite II line of upright vacuum cleaners.
 Maytag believes industry sales of floor care products in North America will be relatively flat through at least the first six months of this year. However, the corporation expects Hoover to maintain the gains in market share achieved in 1991, and Hoover North America's business should continue to be strong in 1992.
 As a result of intensive restructuring efforts last year, Hoover Europe's operating losses were cut dramatically to $865,000 in 1991, compared to $22.9 million in 1990. In the fourth quarter of last year, Hoover Europe recorded a profit, and Maytag expects its business in Europe will remain profitable in 1992 despite continued sluggish economic activity in many countries.
 Vending machine purchases by the U.S. soft drink bottler network continued to be sluggish in 1991, which negatively impacted Maytag's Dixie-Narco division. The U.S. soft drink vending machine market should stabilize in 1992, while Dixie-Narco's international business should continue to grow. Overall, Dixie-Narco's market share remains strong and the company will benefit from its new, highly automated manufacturing facility in Williston, S.C., which is now fully operational.
 Maytag Corporation, headquartered in Newton, Iowa, consists of 12 companies with primary emphasis in home appliances, floor care products and vending equipment. The corporation has 22 manufacturing operations in seven countries and approximately 23,000 employees. Its brands include Maytag, Magic Chef, Hoover, Jenn-Air, Admiral, Hardwick, Norge and Dixie-Narco.
 In 1991, Maytag had 34,222 shareowners and an average of 105.8 million shares outstanding.
 -0- 3/16/92
 /CONTACT: James G. Powell of Maytag, 515-791-8392/
 (MYG) CO: Maytag Corporation ST: Iowa IN: HOU SU:


AH -- NY029 -- 8212 03/16/92 10:34 EST
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Date:Mar 16, 1992
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