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Techtronic Industries to Complete Hoover Acquisition.

Publication: PR Newswire
Publication Date: 31-JAN-07
Format: Online
Delivery: Immediate Online Access

Article Excerpt
Will Combine Hoover with Dirt Devil Creating Largest Floor Care Business in

North America

HONG KONG, Jan. 31 /Xinhua-PRNewswire-FirstCall/ -- Techtronic Industries Co. Ltd. ("TTI" or "the Group") (HKEx: 669; ADR: TTNDY) today announced that it will complete its acquisition of the Hoover floor care business from Whirlpool Corporation ("Whirlpool") when the transaction closes on 31st January, 2007 (U.S. Eastern Standard Time) pursuant to the terms of the definitive purchase agreement announced 7th December, 2006. TTI is combining Hoover with its existing Dirt Devil and Royal operations in Glenwillow, Ohio, U.S. to create TTI Floor Care, the largest floor care business in North America. Mr. Chris Gurreri will become president of TTI Floor Care, North America.

Under the agreement, TTI will purchase all of the assets of Hoover for US$107 million in cash. The purchase will be financed through TTI internal resources and existing lines of credit.

TTI noted that all appropriate regulatory reviews have been completed at both the federal...

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