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Published in House and Home on Monday, July 30th 2012 at 10:32 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
U.S. Department of Commerce Anti-dumping Ruling Supports U.S. Manufacturers -- BENTON HARBOR, Mich., July 30, 2012 /PRNewswire/ --
U.S. Department of Commerce Anti-dumping Ruling Supports U.S. Manufacturers
U.S. Government Imposes Preliminary Trade Remedies on Imports of Large Residential Washers from South Korea and Mexico
BENTON HARBOR, Mich., July 30, 2012 /PRNewswire/ -- Today, a key anti-dumping decision by the U.S. Department of Commerce (DOC) provides strong support for U.S. manufacturers, ruling that foreign competitors are dumping products into the U.S. market. The DOC's affirmative preliminary determination in the anti-dumping investigation of large residential washers from South Korea and Mexico is in response to a petition filed by Whirlpool Corporation (NYSE: [ WHR ]) in December 2011 to protect its 22,000 U.S. employees, the communities in which they work and U.S. consumers.
"The Commerce Department's preliminary finding shows that dumping is occurring, which supports the legal action we took on behalf of our employees and the U.S. appliance industry," said Whirlpool Corporation spokesperson Kristine Vernier. "Whirlpool is committed to building products in the regions where they are sold and investing in our U.S. manufacturing presence. Our investments will continue as long as we can compete on a level playing field, with all of our foreign competitors playing by the established rules."
As a result of today's ruling, foreign competitors, including Samsung and LG, will be required to pay cash deposits on washers imported to the U.S. starting in August 2012 at the rates found in the preliminary determination. The DOC announced cash deposit rates for Korean producers LG, Samsung, and Daewoo of 12.15 percent, 9.62 percent, and 79.11 percent, respectively. Cash deposit rates for Mexican producers Electrolux and Samsung are 33.30 percent and 72.41 percent, respectively.
The DOC also announced a 72.41 percent cash deposit rate for Whirlpool Corporation's Mexican operations; however, the company has discontinued shipping washers from Mexico for sale in the U.S. Therefore, Whirlpool will not pay cash deposits related to this ruling. As part of the company's strategic commitment to invest in U.S. manufacturing to supply the U.S. market, Whirlpool Corporation has made significant investments at its Clyde, Ohio, plant where it manufactures large residential washers. As a result of these investments, by 2013 nearly 100 percent of the washers Whirlpool sells in the U.S. will be manufactured in the U.S.
The anti-dumping investigation is ongoing, and the DOC will undertake an in-depth audit of the information provided by Samsung and LG, before issuing the final determinations in December 2012. Final orders are expected in February 2013 upon issuance of final affirmative determinations from the Commerce Department and the U.S. International Trade Commission.
For additional information and to view the petition, please visit [ http://whirlpoolcorp.com/facts ].
COMPLETE TIMELINE
December 30, 2011 | Whirlpool filed petitions with the U.S. Department of Commerce and the U.S. International Trade Commission |
January, 2012 | U.S. Department of Commerce released notice of initiation |
February, 2012 | U.S. International Trade Commission released preliminary determination |
May, 2012 | U.S. Department of Commerce released preliminary countervailing duty determination |
July 2012 | U.S. Department of Commerce releases its preliminary anti-dumping determination |
August 2012 | Foreign competitors, including Samsung and LG, will be required to pay cash deposits on washers imported to the U.S. |
December 2012 | U.S. Department of Commerce expected to release its final anti-dumping and countervailing duties determinations |
February 2013 | U.S. International Trade Commission expected to release its final determination regarding injury to the domestic industry caused by the dumped and subsidized imports |
February 2013 | Final orders published upon issuance of final affirmative determinations from U.S. Department of Commerce and U.S. International Trade Commission |
About Whirlpool Corporation
Whirlpool Corporation is the world's leading manufacturer and marketer of major home appliances, with annual sales of more than $19 billion in 2011, 68,000 employees, and 65 manufacturing and technology research centers around the world. The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Consul, Bauknecht and other major brand names to consumers in nearly every country around the world. Additional information about the company can be found at [ http://www.whirlpoolcorp.com ].
Whirlpool Additional Information:
This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries ("Whirlpool") that speak only as of this date. Whirlpool disclaims any obligation to update these statements. Forward-looking statements in this document may include, but are not limited to, statements regarding expected earnings per share, cash flow, productivity and material and oil-related prices. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool's forward-looking statements. Among these factors are: (1) intense competition in the home appliance industry reflecting the impact of both new and established global competitors, including Asian and European manufacturers; (2) Whirlpool's ability to continue its relationship with significant trade customers and the ability of these trade customers to maintain or increase market share; (3) changes in economic conditions which affect demand for our products, including the strength of the building industry and the level of interest rates; (4) inventory and other asset risk; (5) global, political and/or economic uncertainty and disruptions, especially in Whirlpool's significant geographic regions, including uncertainty and disruptions arising from natural disasters or terrorist attacks; (6) The impact of the European debt crisis; (7) the ability of Whirlpool to achieve its business plans, productivity improvements, cost control, price increases, leveraging of its global operating platform, and acceleration of the rate of innovation; (8) fluctuations in the cost of key materials (including steel, oil, plastic, resins, copper and aluminum) and components and the ability of Whirlpool to offset cost increases; (9) litigation and legal compliance risk and costs, especially costs which may be materially different from the amount we expect to incur or have accrued for; (10) product liability and product recall costs; (11) the effects and costs of governmental investigations or related actions by third parties; (12) Whirlpool's ability to obtain and protect intellectual property rights; (13) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost-effective manner; (14) health care cost trends, regulatory changes and variations between results and estimates that could increase future funding obligations for pension and post retirement benefit plans; (15) information technology system failures and data security breaches; (16) the impact of labor relations; (17) our ability to attract, develop and retain executives and other qualified employees; (18) changes in the legal and regulatory environment including environmental and health and safety regulations; and (19) the ability of Whirlpool to manage foreign currency fluctuations. Additional information concerning these and other factors can be found in Whirlpool Corporation's filings with the Securities and Exchange Commission, including the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K.
SOURCE Whirlpool Corporation
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