Techtronic Industries Co. Ltd. (TTI) closed on its purchase of the Hoover floor-care business from Whirlpool Corporation (Benton Harbor, Michigan, U.S.). The approximately U.S. $107 million cash purchase closed following the expiration of a regulatory review process. TTI is combining Hoover with its existing Dirt Devil and Royal floor care operations in Glenwillow, Ohio, U.S. to create TTI Floor Care, the largest floor care business in North America. Chris Gurreri will become president of TTI Floor Care, North America.
The floor care business came to Whirlpool as a part of its acquisition of Maytag Corporation and Whirlpool made no secret of its early intention to divest Hoover. The agreement to sell to Hong Kong-based Techtronic came on Dec. 7, 2006.
APPLIANCE magazine Editor Tim Somheil spoke to Joseph Galli, CEO of Techtronic's floor care business, just hours after the announcement of the acquisition deal in early December. To read more, see Executive Corner - Hoover Acquired: A New Home for an Iconic Brand.