Alexa
  • Directory of Taiwan

Whirlpool to sell Hoover floor-care business for $107 million

Whirlpool to sell Hoover floor-care business for $107 million

Whirlpool Corp. plans to sell its Hoover floor-care business to a home improvement and construction tools supplier for $107 million (euro80.5 million), the appliance maker said Thursday.
The sale to Hong Kong-based Techtronic Industries Co. Ltd. could close as early as the first quarter of 2007, following regulatory clearance, the company said.
Techtronic will assume control of the Cleveland, Tennessee-based vacuum and floor-cleaner manufacturer while Whirlpool will retain pension and post-retirement benefit liabilities for retired Hoover employees.
"The decision to divest the floor-care business allows us to focus on our core appliance business," Jeff M. Fettig, Whirlpool's chairman and chief executive, said in a written statement.
Fettig said Whirlpool has completed the sales of Dixie-Narco vending systems and the Amana commercial microwave business while working to complete the sale of its Jade commercial appliance business by the end of the year.
Benton Harbor-based Whirlpool completed its $2.6 billion (euro1.96 billion) acquisition of Maytag Corp. in March and announced its intention to sell the four brands in May.
___
On the Net:
http://www.whirlpool.com


Updated : 2021-10-18 18:47 GMT+08:00