Hoover Changes Hands
Hong Kong-based Techtronic Industries (TTI) has acquired the century old Hoover line for US$107 million from Whirlpool. Joe Galli, CEO of TTI’s floor care appliances division said the company is enthusiastic about invigorating the Hoover brand, concentrating on “innovations” and sales of products for popular hardwood floors and other hard surfaces. Galli also said the company “hadn’t determined” what will happen with the various Hoover manufacturing facilities in the US and Mexico.
Whirlpool bought Hoover as part of its $1.7 billion acquisition of Maytag in April, 2006, but said early in the process that it would sell the Hoover line. TTI owns several well-known floor care brands in the US and elsewhere, and also owns Ryobi and Milwaukee tools.