Maytag To Be Sold
Bye, Bye Iowa...Hello China...
Des Moines, May 20th, 2005 - A New York company is buying out a business that has been based in Newton for more than a century.
Maytag will be bought for just over $2 billion dollars by Ripplewood Holdings, a company based in New York City. Ripplewood is not in the appliance industry, this is an investment firm started 10 years ago by Tim Collins. Collins made a name for himself buying troubled companies of all kinds and fixing them up to resell. According to Business Week, Ripplewood Holdings has bought banks in Japan, auto dealerships in the US, and even a frozen pie company.
Everyone outside of Maytag was caught off guard by the sale. Newton's Director of Economic Development John Ewing says he's ready to convince Maytag's new owners the company has a bright future in Newton.
Maytag's spokesman says it's too early to say how or if the pending sale would impact jobs in Newton.