Maytag Plans Cost Cuts and Restructuring

Maytag Corp. said it plans to cut $100 million in costs and expand outside the U.S. as part of a reorganization aimed at restoring sales and profit growth. Chief Executive Lloyd Ward said the cost savings during the next two years will be plowed mainly into research and development of new appliances, and he aims to cut inventory to allow Maytag to respond much faster to shifts in demand.Shares of Newton, Iowa-based Maytag rose 44 cents to close at $38.38 on the New York Stock Exchange.