Filed by: Whirlpool Corporation
                           Pursuant to Rule 425 under the Securities Act of 1933
                                             Subject Company: Maytag Corporation
                                                       Commission File No: 1-655



Jeff Fettig on Maytag during the Global Leadership Audioconference held on July
21, 2005:

Clearly our announcement on Sunday night for our proposal to bid to acquire
Maytag caught a lot of people by surprise. What we want to try to do is to open
it up and field your questions. The things we can answer we will answer. There
may be questions that we can't answer. If we can't we'll tell you we can't. But
before we do that, let me just give you a little bit of recap of the last four
days. I think you've certainly seen a lot of press about this. There's different
views out there in the marketplace ... the press and financial about the
validity of our bid. But I think that the starting point, as one of our advisors
told us, is that you're going to see a lot of things in the paper but just watch
what the market does and I think it's frankly overwhelmed us with the response
for the Whirlpool stock based on this announcement. Which basically says the
financial community views this transaction, if completed, as a significant
opportunity for Whirlpool, as we do. As I said earlier, we've been looking at
this really ever since it became clear that the Maytag board had decided to sell
Maytag. And we assembled a team of internal people and external experts. We
spent a lot of time doing our homework and the fundamental question we looked at
was basically three. One, was this a great opportunity for our company and our
shareholders? Would it create value? The second is it a fit to our strategy and
do we have the organizational capabilities and capacities to execute it? And
then thirdly, the whole issue around FTC legal issues, did we have a compelling
position that it would be approved? Only after we went through this very
detailed understanding with the best help and support and external advisors we
could get, we and our board concluded last week the answer to all those were
yes. And that really drove the timing of the announcement, particularly in light
that the fact that Maytag board had established a shareholder vote on August 19
to vote on the first proposal out there. So that's really the events that put
this in process. Again you've read all the news reports, I'm sure. I've got a
stack about a foot high on my desk of the different press articles. I think it
was balanced. I think the issues that thought we would be raised, were raised.
There were questions about motivatations behind our bid. Was it defensive? Were
we just trying to keep someone else from getting it? Were we trying to disrupt
the process? I can assure you the answer to all those is no. We're doing it for
one reason. Subject to due diligence, which I would caution you is a very
important step in this process, we're doing it because we think the
possibilities would be a great combination with our business in North America
and globally and that it will create a significant value for our shareholders.
That's the only reason. And as I'm going to mention in my analyst comments
today, for those people who know our company, they will realize that's the only
way we do business. There's a lot of noise about anti trust out there. We've got
two external law firms have been through this thoroughly and we have a
compelling position. This is an intensely competitive appliance industry and our
position is when you examine the facts, as stated by law under the anti trust


rules, this clearly in our mind will not decrease competition, it will enhance
competition and that is the fundamental essence of our position. I'll also add
that as soon as this was announced, we began contacting our trade partners. Dave
Swift, Tim Yaggi, Sam Abdelnour and Karim Lalani and so on. We have had an
overwhelming response from our trade partners. Positive. They believe we are the
only company who can revive the Maytag business and that by reviving the Maytag
brands that will make the marketplace more competitive so we couldn't be happier
about that. From a legal standpoint, today is an important day. The Maytag board
is meeting we believe and really as they say the ball is in their court. There's
two tests that they have to pass. One is, is this a clearly superior financial
offer for their shareholders. The answer is absolutely yes. And second, is it
reasonably capable of closing. And we believe the answer is absolutely yes. So
based on that we think they have no choice but to allow us to begin our due
diligence. There's a lot of different outcomes in this, or possibilities.
There's a lot of twists and turns, but I would just say that hopefully we find
out something today or tomorrow at the latest, but I can't project much farther
than that because as I go through this scenario planning with our lawyers,
anything is possible. Probably the next relevant point is due diligence. I just
emphasize that everything we have done is based on publicly available data. It's
been based on our internal assessments it's been based on our understanding of
this industry, particularly in the U.S. and Canada and that's what we drove our
first conclusions on. But as you know, just like with our company, until you get
inside and really see the details of the business, you have to go through that
process in order to substantiate some of our assumptions and thoughts and ideas
about that. So time is of the essence. That's what we've communicated
externally. We have a team sponsored by the leaders of this project. I think
there's 70 some people, both internal and external people standing ready, ready
to go as soon as we get the clearance and agreement from Maytag to go. So that's
where we are and we feel really good about our being prepared. We think we know
the areas we need to go in and look at and we're just waiting for the
opportunities to do that. The way I've put it, four days in to this we're in
good shape. I think certainly the financial community supports this. I think we
have balanced views in the press. We're very positive about our legal position,
but I would also caution everyone, as I caution myself, we're now about one and
one half miles into a 26 mile marathon. So we're gong through this with our
heads on straight and there is only one criteria for us. We will do whatever is
in the best interest of this company and our shareholders. And that is the
guideline by which we make all decisions. So in short, that's a summary of where
we are with this whole Maytag proposal. Again, it could change very quickly.
Every day has been different this week and I'm sure it's going to be like that
for a while. So I thought I'd just give you that overview and open it up for
questions and for those things we cannot answer, we'll answer relative to the
Maytag situation.


Questions:

What kind of financial performance expectations would you have of our company
given the kind of investment that it's going to take to pull this off. What are
you expecting in terms of working capital, capital investment, reduction and on
and on and on. How are we going to get the cash and the financial bandwidth to
pull this off.

One of the things in our modeling, you've got to think of three pieces of this.
One is the underlying Whirlpool business. Everybody knows what our expectations
are for that. This year and on a go forward basis. Certainly if we complete
this, we're going to have to go through like we do every year on our own, a very
thoughtful process of setting priorities. Where are we going to allocate
resources and so on and so forth. I don't see a dramatic change for our
fundamental business worldwide, we got a lot of big investments coming down the
pipe, those wont change. But just like we do any year, we're going to have to
make with that, I won't call it incremental, but the tail end of the 20% of the
resources that we do, that we're gong to have to make, we will put those
resources where we get the best needs for the business taken care of. So the
fundamental Whirlpool business will have relative little change in expectations.
For the Maytag business, that's again what we need to do the due diligence for,
to really understand the state of that business. We have modeled their business
based on what they call their low end performance scenario that they published
in their proxy file as well as their latest guidance, which they report their
earnings tomorrow and we'll see where that comes out. So we've started them on
what they're saying is a low level. We've modeled in both the efficiencies and
savings that our teams have estimated that they can drive in any given time
frame. We've done it on a quarter by quarter basis for the next couple of years.
We've put in place in our modeling and again, think of this as a modeling
process because there's a lot of things that can change. The estimated cost,
whether it's restructuring costs or whatever cost, that would have to be funded
during that period of time, we've estimated the manpower our resources we'd have
to put on to execute. So I can't tell you what Whirlpool's Performa would look
like this year. With the projection of this would close sometime next year,
we've been in modeling 2006, 2007 and beyond and just let me say that I think we
have a good understanding of all the levers but we have to validate them, we
have to get in, we've got to prioritize. But the outcome we believe is
significantly value creating for Whirlpool shareholders and for the combined
organizations. Financing, Blair assures me he has no problem getting money and
we have the balance sheet and we do. We have a strong financial position. And
given what we've said publicly, in terms of the terms of this proposal, we are
very comfortable with the balance sheet and financial position after this
transaction.

Question: I want to assume we're gong to succeed on this deal so let's take a
question in that space. You kind of hinted at .. . What's the optimistic and
pessimistic timeline or date when we'd get the FTC approval?


Answer: Once a definitive merger agreement is signed, then you have 30 days to
the appropriate authorities in the first phase, That would be our goal to
achieve that approval in that time period. It is not at all uncommon to get what
is called a second request which then could go from anywhere from three months
to six months and we're planning for all those scenarios. Is that okay Dan? Yes.

Other questions? Question from China about immediate benefit (I couldn't
hear/understand what was being asked)

Okay, as I understand the question, what impact , good or bad, could this
transaction have on China. Haier, as you know, is the largest appliance
manufacturer in China. They were rumored, in fact they had been part of a
consortium who said they intended to make a bid and they dropped out on Tuesday
night. To answer you question specifically, I don't believe that this has any
negative impact on our China business. I think you ought to think of it in terms
of our global operating platform where China is increasingly becoming an
important part of our supply base We export products like microwave hood
combinations from China to markets in the U.S., so from a supply chain
standpoint, I would see this as only a plus. In the local market of China, I
can't speculate on that but I doubt that. I think Haier dropped out, they
haven't publicly said, but I don't think I personally I'm not worried about a
retaliation in China because of this. I think net net, if this is good for
Whirlpool, this will be good for Whirlpool China.

Question from Comerio regarding Hoover Floor Care business.

Comments about the Hoover floor care part of the business and Maytag is mainly a
North American company, what is your view on the consequences of it in North
America and this possible acquisition.

First of all on the Hoover floor care business, you know that's a business we
haven't been involved in for some time. Many of you may know we used to be in
the floor care business. I don't have any specific comments about that other
than it's just another reason why we need to do our due diligence and really
understand that business, understand how it fits with what we do and until we do
that, I don't think we have any position on that piece of the business. In terms
of the consequences for Whirlpool regions outside of North America on all this,
you know, again I would say the starting point is if this is good for Whirlpool
in total , this is good for ultimately all of our operating units. Secondly I
would say that from a strategic standpoint this is absolutely not a departure
from our strategy, And if you examine it and see the slides we put out to the
press on Monday, this is absolutely complementary to our strategy, and, in fact,
the things that are needed to enhance and revitalize the Maytag business, are
the things we've been working on for years. So I feel really good about the
strategic fit. This is an opportunity to scale up our strategy particularly in
North America. There will be some peripheral benefits for other parts of the


world. They do have, I don't know exactly the size of it, but it's not trivial,
export business to Europe, parts of Europe and other parts of the world. In
terms of resources, again, we've modeled this based on our current business plan
for Whirlpool for all the regions and based on what we see here, and as there is
any year, you've go to make some priorities on some part of your resources,
which we can't begin to estimate. But in principle, I would say for the other
parts of the world, we're going to continue to execute your operating plan, just
as we've designed today.

Another question:

Doug's question was given our offer was defined as at least 50% cash and the
other in stock, and the Triton offer as $14 in cash, how will their Maytag board
evaluate that.

Our strong belief is that not only is the $17.00 better, the opportunity to own
Whirlpool stock gives the Maytag shareholder the opportunity and all the upside
that we see in the business. And again, I think that's probably a stronger case
now that you've seen what the market has said about what their view of what the
combination can create in terms of value creation for Whirlpool. There will be
some who argue that cash is cash, and there's uncertainty in stock and all that
kind of stuff. But all I can say is we've outlined in broad terms of what that
would be. We said we will deliver at what the appropriate time is $17.00 of
value to Maytag shareholders. Again the marketplace views it as that value. but
until we have the signed merger agreement, that exact payment, and how we will
deliver that payment, will be part of that final merger agreement. So, again, I
think there will be people on both sides of that but we believe whatever the
final, assuming we go through due diligence and we can consummate a final merger
agreement, that again ours will be viewed as absolutely a superior offer.

Question: Do we have a target payback time period for the acquisition?
The answer is not yet. We have a model which has payback periods and it looks
really good, but again, until we get into this and can confirm our findings and
put it all together, and be able to communicate over what period of time are we
going to realize these benefits and what is the combined entities' financial and
balance sheet going to look like, we really can't talk about payback periods at
this time. But again, you should trust that if this wasn't, or isn't, as we go
through due diligence a great shareholder value opportunity for Whirlpool, we
wouldn't do it.