Whirlpool Corporation Sells Former Maytag Properties

Whirlpool Corporation said today that it has sold a number of former Maytag Corporation facilities in Newton, Iowa; Florence, S.C.; Galesburg and Herrin, Ill.; Searcy, Ark.; and Ranson, W.Va. Whirlpool acquired Maytag in April 2006.
Whirlpool has sold the majority of the Maytag headquarters building complex in Newton, Iowa to Iowa Telecom. Following the sale, some of the property will be transferred from Maytag to the Des Moines Area Community College to be converted and used as a regional vocational training center. In the near future Whirlpool has the option to sell to the Jasper Community Foundation the vacant Maytag manufacturing facility in downtown. Plans call for the elimination of the old buildings to improve the area with a planned green space.
Whirlpool also will lease back some of the headquarters facility through 2007 to support certain integration-related work that will continue into the second half of 2007.
Whirlpool has sold the former Maytag manufacturing facilities located in Galesburg and Herrin, Ill.; Searcy, Ark.; Ranson, W.Va. and Newton, Iowa, together as a package to Industrial Realty Group (IRG) of Los Angeles.
IRG specializes in the redevelopment and adaptive reuse of excess corporate real estate and manufacturing facilities, closed military and government facilities, underutilized corporate campuses, industrial parks, and large vacant buildings. IRG is among the largest private owners of commercial and industrial properties in the United States and is widely recognized as one of the leaders in repositioning assets through adaptive reuse.
Whirlpool will lease back the plants in Herrin and Searcy through April 2007 to ensure proper cleaning and shutdown operations occur as planned.
The former Maytag manufacturing facility in Florence, S.C., has been sold to Hackman Capital Partners, LLC of Los Angeles, a private asset-based investment firm that specializes in the acquisition of real estate and capital assets. The company focuses on value-added real estate investments that involve either leased or vacant industrial properties, capital assets, financial restructurings or other unique real estate opportunities where complex processes must be navigated to successfully restructure or reposition the investment.

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