Whirlpool Wins Anti-Dumping Case
Jan 23rd 2013 6:06PM
Updated Jan 23rd 2013 7:15PM
Samsung and LG are in the dirty-laundry doghouse. Whirlpool announced today (link opens in PDF) that the U.S. International Trade Commission unanimously ruled that Samsung and LG practiced "unlawful pricing" for clothes washers originating from South Korea and Mexico. Whirlpool originally filed anti-dumping and anti-subsidy petitions in December 2011, and this final ruling follows similar findings from the Department of Commerce.
"The actions taken today by the U.S. government represent a great victory for the U.S. appliance industry, especially for our employees and consumers," said Marc Bitzer, president of Whirlpool North America. "We invest in U.S. manufacturing because we believe in our 22,000 U.S. employees and the innovative products we produce. Today the government made the right decision. We expect this ruling will restore a level competitive playing field that enables Whirlpool and other U.S. manufacturers to continue investing in America to produce the high-quality, innovative products that consumers deserve."
Two additional corporations, Daewoo and Electrolux, are also indicted in the commission's decision. Per the ruling, U.S. Customs will now impose import tariffs ranging from 11% for South Korean Samsung products to as much as 151% for South Korean Daewoo products .
Whirpool's stock closed 3.6% up today.
The article Whirlpool Wins Anti-Dumping Case originally appeared on Fool.com.Fool contributor Justin Loiseau has no position in any stocks mentioned, but he does use a washing machine. You can follow him on Twitter, @TMFJLo, and on Motley Fool CAPS, @TMFJLo. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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