ITC Decision Against Washer Importers Could Benefit Whirlpool
The United States International Trade Commission voted today that large residential washer imports from South Korea and Mexico are hurting the domestic appliance industry in the United States. These imports include products by Samsung and LG Electronics. The U.S. based Whirlpool (NYSE: WHR) filed a petition with the ITC and DOC on December 30, 2011.
The company’s spokesperson said “Whirlpool Corporation is pleased with the ITC’s preliminary affirmative injury determination. This decision by the ITC validates the actions we’ve taken to protect the U.S. domestic appliance industry, our 23,000 U.S. employees and the communities in which they work.”
It is still unclear how high the potential tariffs and duties are, but if the punitive measures are significant enough, Whirlpool could benefit significantly. In addition, Sears (NASDAQ: SHLD) that is the largest supplier of Whirlpool products could see some gains.
Whirlpool also said that the company will continue to cooperate fully with the ITC and the DOC throughout the remainder of these investigations which are expected to run through February 2013.
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