Antitrust regulators on Wednesday approved Whirlpool Corp.’s proposed $1.79 billion purchase of Maytag Corp., saying the merger would not reduce competition substantially.

The existence of strong rivals and the cost savings the new company would generate indicate that “this transaction is not likely to harm consumer welfare,” the Justice Department said.

The department’s Antitrust Division found that an effort by the new company to raise prices on its washers and dryers “likely would be unsuccessful” because at least five other companies are well-established in U.S. markets.

Those competitors include General Electric, Frigidaire and the Sears brand Kenmore, plus LG, Samsung and other foreign manufacturers that have quickly established themselves in recent years.