Industry News

Chinese firm buys Hoover brand, assets

Hong Kong’s Techtronic Industries Co. Ltd. is buying the Hoover floor care business from Whirlpool Corp. for $107 million. The deal, which advances Whirlpool’s goal of divesting “non-core assets,” is expected to close by the third quarter of 2007 but could close as early as the first quarter of 2007, Techtronic said.

Upon closing Techtronic assumes control of Hoover factories in North Canton, OH, El Paso, TX, and Juarez, Mexico, among other locations. Whirlpool, which is keeping pension and retirement benefit plan liabilities for retired Hoover employees, has divested its Dixie-Narco vending systems and its Amana Commercial microwave businesses. Techtronic said it is “looking forward to welcoming Hoover and all of its employees.”

Founded in 1985, Techtronic Industries Co. Ltd. (TTI) is a world-class supplier of superior home improvement and construction tools with a powerful portfolio of trusted brands and a strong commitment to innovation and quality. The portfolio that TTI offers includes a full line of power equipment products, floor care appliances, laser and electronic products.

Reprinted from Floor Care Professional, January 2007