Shareholders Approve Royal, TechTronic Merger
Apr 23, 2003
 Print this page
Shareholders of Royal Appliance Mfg. Co., the maker of Dirt Devil vacuum cleaners, approved the company's sale for U.S. $105.5 million to Hong Kong power tools maker TechTronic Industries. The deal, announced in December, was approved at a special meeting of Royal Appliance shareholders and is expected to be complete soon. TechTronic shareholders approved the deal March 31. Royal Appliance and its brands will be a TechTronic subsidiary. Company spokeswoman Adria Harrison said shareholders with 99 percent of the 10.8 million shares involved in the vote were in favor of the merger. The company, based a Cleveland, OH, U.S. suburb, has about 500 employees, and no job cuts are anticipated. The deal provides Royal Appliance shareholders $7.37 per share. Royal Appliance makes vacuums and other cleaning appliances under the Royal brand, as well as the Telezapper, a device intended to reduce computer-dialed telemarketing calls. The company first started selling Dirt Devil vacuums in 1984. TechTronic was founded in 1985 and has about 12,000 employees. (Reuters)

Back to Breaking News