Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  Whirlpool Corporation    WHR

Delayed Quote. Delayed  - 04/29 10:02:03 pm
174.14 USD   -0.37%
04/27 WHIRLPOOL CORPO : Wind Farm Finalized in Findlay
04/26 Whirlpool and Corning slide, DuPont and Supervalu rise
04/26DJConsumer Companies Rise Amid Mixed Data -- Consumer Roundup
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

US Commerce Backs Whirlpool, Plans Duties On South Korea Washing Machines

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/30/2012 | 08:37pm CEST
   By Tom Barkley 
   Of  
 

The U.S. Commerce Department Wednesday backed Whirlpool Corp.'s (>> Whirlpool Corporation) claims that the company's South Korean rivals are benefiting from unfair government subsidies, setting initial retaliatory duties on imports of washing machines.

Commerce plans to impose countervailing duties of up to 70.58% on large residential washing machines made by Daewoo Electronics Corp., with tariff rates of just 0.22% for those made by Samsung Electronics Co. (SSNHY, 005930.SE) and 1.2% for those made by LG Electronics Inc. (066570.SE).

Since Daewoo declined to participate in the investigation, those higher rates are based on the "adverse facts available," Commerce said.

The announcement could represent just a temporary victory for Whirlpool in its efforts to combat increasing price competition in home appliances, since the company faces several more steps before winning any import relief. Once Commerce makes a final decision, the duties can only go into effect if the U.S. International Trade Commission decides the imports threaten to cause material injury to U.S. producers.

Last month, the Benton Harbor, Mich., company was denied the planned imposition of duties on refrigerators made by Samsung and LG, after the U.S. trade panel determined the imports didn't pose a threat to Whirlpool's business. Commerce had proposed both countervailing and antidumping duties on the fridges.

Commerce also is investigating whether the Korean washing machines are being dumped, or sold at less than normal value, in the U.S. market.

Imports of the washing machines fell to $568.6 million last year from $659.1 million in 2010, and are just below 2009 levels.

-By Tom Barkley, Dow Jones Newswires; 202-862-9275; tom.barkley@dowjones.com

Stocks mentioned in the article : Whirlpool Corporation
share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news on WHIRLPOOL CORPORATION
04/28 WHIRLPOOL CORPORATION : Spotlights Global Innovation at EuroCucina 2016
04/28 WHIRLPOOL CORPORATION : Announces $1 Billion Share Repurchase Program And Increa..
04/27 WHIRLPOOL CORPORATION : Wind Farm Finalized in Findlay
04/26 Whirlpool and Corning slide, DuPont and Supervalu rise
04/26DJConsumer Companies Rise Amid Mixed Data -- Consumer Roundup
04/26 WHIRLPOOL : posts unexpectedly low first quarter earnings on soft emerging marke..
04/26 WHIRLPOOL : DE/ MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND ..
04/26DJWHIRLPOOL : Results Dragged Down on Weakness Abroad
04/26 WHIRLPOOL : 1Q profit falls short of analysts' expectations
04/26 WHIRLPOOL CORPORATION : Reports First-Quarter 2016 Results
Advertisement
News chart
Full-screen chart
Income Statement Evolution
More Financials