Maytag-Hoover Vacuum Merger
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CHICAGO — Maytag Corp., the home appliance company that boasts its products never need repairs, said today that the board of Chicago Pacific Corp., which makes Hoover vacuum cleaners, has agreed to a merger for cash and stock worth around $1 billion.
The merger, creating a company with more than $3 billion in sales, will give Maytag, whose operations are almost exclusively domestic, a strategic foothold in Europe. Chicago Pacific has subsidiaries and facilities in West Germany, Italy, Switzerland and other European countries.
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