The United States Department of Commerce (DOC) issued a preliminary determination against the South Korean government related to subsidies that violate U.S. and international trade laws. The investigation was launched earlier this year in response to a petition filed by Whirlpool Corporation (NYSE: WHR) to protect its 23,000 U.S. employees, the communities in which they work, and U.S. consumers. The inquiry focuses on unlawful subsidies provided by the South Korean government to South Korean clothes washer producers that sell products in the United States.
“Whirlpool Corporation is pleased with this favorable preliminary decision, given the proven record that South Korean appliance producers have benefitted from their government’s subsidies that violate trade law,” said spokesperson Kristine Vernier. “We look forward to participating fully in the thorough investigation by the U.S. Department of Commerce, and we are optimistic that the final determination will further validate that these subsidies undermine competition and cause material harm to the U.S. appliance industry.”
On December 30, 2011, Whirlpool Corporation filed anti-dumping petitions against large residential clothes washers from South Korea and Mexico, and an anti-subsidy petition against the same products from South Korea, with the U.S. Department of Commerce and the U.S. International Trade Commission. Whirlpool filed these petitions seeking enforcement of United States and international trade laws; a preliminary determination in the anti-dumping case is expected in July 2012.
The company’s goal is to promote a fair and open global trading system, to protect American jobs, and to ensure its ability to continue to innovate and invest in the United States. Whirlpool Corporation has a long history of delivering consumer-relevant innovation and invests more than $500 million annually in Research & Development. These efforts consistently gain recognition by a leading U.S. consumer magazine, which found that laundry products from Whirlpool Corporation last longer and are more reliable than competitors’ products: Whirlpool Corporation brands took 11 of the top spots in front- and top-load washer rankings in 2011.
For additional information and to view the petition, please visit http://whirlpoolcorp.com/facts.
KEY DATES FOR INVESTIGATIONS
|December 2011||Whirlpool Corporation filed anti-dumping petitions against large residential clothes washers from South Korea and Mexico, and an anti-subsidy petition against the same products from South Korea, with the U.S. Department of Commerce and the U.S. International Trade Commission.|
|May 2012||U.S. Department of Commerce released preliminary countervailing duty determination|
|July 2012||U.S. Department of Commerce releases preliminary anti-dumping determination|
|December 2012||U.S. Department of Commerce expected to release final determinations|
|February 2013||U.S. International Trade Commission expected to release its final determination|
|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 approximately $19 billion in 2011, 68,000 employees, and 66 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.