Whirlpool Corporation on January 31 announced that it has sold the Hoover floor-care business to Techtronic Industries Company Ltd. (TTI) for approximately $107 million in cash following the expiration of a regulatory review process. Hoover offers a comprehensive line of products for general and special-purpose vacuuming, including full-size uprights and canisters, deep cleaners, and hard-floor cleaners.
Whirlpool and TTI reached an agreement to sell the Hoover business in December 2006. Under the terms of the sale, TTI will assume operational control of the Hoover business, including manufacturing operations in North Canton, Ohio; El Paso, Texas; Juarez, Mexico; and all other Hoover locations. Whirlpool retains the liabilities associated with pension plans for pension benefits for both active and retired employees accrued up to the date of the sale and for post-retirement medical benefits for currently retired Hoover employees.
Whirlpool is the world's leading manufacturer and marketer of major home appliances, with annual sales of more than $19 billion, more than 80,000 employees, and more than 60 manufacturing and technology research centers around the world. The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Bauknecht and other major brand names to consumers in nearly every country around the world
Techtronic Industries is a world-class supplier of home improvement and construction tools with a powerful portfolio of trusted brands and a strong commitment to innovation and quality. That portfolio includes a full line of power equipment products, floor care appliances, laser and electronic products. Its brands include Milwaukee, AEG and Ryobi power tools and accessories, Ryobi and Homelite outdoor power equipment, and Royal, Dirt Devil, Regina and Vax floor care appliances.
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