Hoover, Dirt Devil up for sale
Posted on July 14th, 2011
WASHINGTON, July 16 (UPI) — TTI Floor Care North America Inc., which owns the Hoover and Dirt Devil vacuum cleaner brands, has put itself up for sale, officials said.
The firm, a subsidiary of Hong Kong’s Techtronic Industries Co. Ltd., has hired Bank of America Merrill Lynch to advise it on a potential sale, sources told The Wall Street Journal.
The company was seeking up to $900 million, and the deal also includes Techtronic’s Vax floor-care brand based in the United Kingdom, people familiar with the sale told the Journal.
The brands up for sale generate about $100 million in annual sales before interest, taxes, depreciation and amortization. The companies will probably be sold to a private-equity buyer, the report said.
Hoover is an iconic name in the vacuum cleaner business, whose history dates to 1907.
Techtronic was founded in 1985 and owns a variety of businesses manufacturing such products as power tools, saws and solar-powered lighting.
Techtronic reportedly purchased the floor-care business from appliance-maker Whirlpool Corp. in 2007 for about $107 million.
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Tags: Dirt Devil, Sale
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