Tuesday, January 30, 2007

Techtronic to complete Hoover deal

The Hong Kong company that makes Dirt Devil vacuum cleaners said it’s about to complete its acquisition of Whirlpool Corp.’s Hoover floor care business, and it will move that business to Glenwillow from its longtime home in North Canton.
Techtronic Industries Co. said the $107 million cash acquisition of the Hoover business is expected to close tomorrow, Jan. 31, after passing federal and state antitrust reviews. Techtronic said it then will combine Hoover with its existing Dirt Devil and Royal operations in Glenwillow to create TTI Floor Care, North America, billed as the largest floor care business in this continent.
Whirlpool acquired Hoover in its $1.8 billion purchase last year of Maytag, which was Hoover's parent company. Hoover has been headquartered in North Canton since its founding in 1907.
Under the deal, TTI Floor Care said it will “assume in full the existing union contract that covers approximately 800 hourly workers at Hoover's North Canton manufacturing facility and nearby distribution center.” The contract runs through June 2008. Hoover also employs about 200 salaried workers in North Canton.

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