Whirlpool Corporation today announced that it has reached a definitive agreement to sell the Hoover floor-care business to Techtronic Industries Co. Ltd. for U.S. $107 million in cash.  
 
Whirlpool expects the transaction to close in the first quarter of 2007, following regulatory clearance. Upon close of the transaction, 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. As part of the sale, Whirlpool retains the liabilities associated with pension and post-retirement benefit plans for currently retired Hoover employees.
   
According to Whirlpool chairman and CEO Jeff M. Fettig, the decision to sell Hoover allows the company to focus on its core appliance business. Whirlpool has also recently sold Dixie-Narco and Amana. The company hopes to complete the sale of Jade by the end of the year.

If I recall correctly the Forum's moderator, Mike W., made a prediction some time ago that TTI, Techtronic Industries Inc., would be a likely buyer of HOOVER.  
 
By assuming the pension payouts and post retirement benefits (like health), WP is assuming the bulk of HOOVER's current and future debt.  
 
BTW the local newspaper today in Las Vegas has a full page HOOVER Christmas ad with the $100 rebate on the combined purchases of the HOOVER Floormate and WindTunnel 2 bagless, and individual ads for the HOOVER Steam Vac, HOOVER Constellation, and HOOVER 8 Pound Ultra Light Upright.  Paper bags and Rug and Floor Solution are giveaways with the purchases.  
 
Carmine D.

With TTI buying Hoover - that makes the 3 oldest American Vacuum Cleaner companies owned by Chinese. Regina, Royal (Dirt Devil) and Hoover.  Vax is also owned by TTI. They also make Euro Pro products under contract and I think they also make Infinity. So many clones from one manufacturer coming out.
  As I said in another thread what literature can you believe?

Yes, this has been a very sad week here in North Canton.  No one is happy about the situation especially the employees who may or may not have a good retirement now that the company has changed hands.  The current retirees get to stay with Whirlpool which I guess is a good thing.  Those that are soon to retire must do it under TTI rules...not so good.  We all knew it was coming sooner or later.  The funny thing is that Hoover had the chance to buy Royal some years ago...no look in a way Royal owns Hoover.  I think we are going to see one of the greatest names in floor care stuck on lots of different products.  It is going to be a wild ride!  It is just so sad to see so much history just disappear.  I have not heard anything about the two plants left here in North Canton or the Texas plant.  It is all just sad sad news!!!
 
--Tom
IBAISAIC

HOOVER has plants in El Paso, TX and also in Juarez, Mexico.  Having a plant in TX makes distribution from Mexico easier.