For the second time this year, Whirlpool is raising its prices, citing the rising costs of materials. “It’s been the biggest commodity and material cost inflation period we have ever seen,” said Chairman and CEO Jeff Fettig in a call with reporters.
Like some other manufacturers, Whirlpool was forced to lower prices during the economic downturn. But, as we reported earlier, that ended in April when Whirlpool raised its prices between 8 and 10 percent.
Whirlpool commands more than 40 percent of U.S. appliance sales compared to LG Electronics and Samsung, which have 8.7 percent and less than 1 percent, respectively, according to Zacks investment research. But Zacks says the price hikes may cause Whirlpool to lose more market share to its South Korean rivals.
Whirlpool is still a winner in many of Consumer Reports tests. Whirlpool nabbed the top spots in our ratings of both front-loading and top-loading washing machines. Whirlpool’s brands also include Maytag and KitchenAid. Our list of recommended dishwashers includes four KitchenAids. Our lists of recommended dryers and ranges both include Maytags.
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