Whirlpool Corporation today announced that it has sold the Hoover floor-care business to Techtronic Industries Co. Ltd. (TTI) for approximately $107 million in cash following the expiration of a regulatory review process. Hoover offers a comprehensive line of products for general and special-purpose vacuuming, including full-size uprights and canisters, deep cleaners, and hard-floor cleaners.
Whirlpool and TTI reached an agreement to sell the Hoover business in December 2006. Under the terms of the sale, TTI will assume operational control of the Hoover business, including manufacturing operations in North Canton, Ohio, El Paso, Texas, Juarez, Mexico, and all other Hoover locations. Whirlpool retains the liabilities associated with pension plans for pension benefits for both active and retired employees accrued up to the date of the sale and for post-retirement medical benefits for currently retired Hoover employees.
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