techtronic-mops-up-hoover

Techtronic mops up Hoover

Analysts welcome Hong Kong-based Techtronic's plan to acquire WhirlpoolÆs Hoover floor-care business for $107 million cash.
Techtronic Industries in Hong Kong has announced it would acquire WhirlpoolÆs Hoover floor-care business for $107 million cash and the assumption of some debt, marking the latest cross-border, outbound acquisition by an Asian company of an established US brand and business.

Hoover has a range of products for general and special-purpose vacuuming including upright, canisters, deep cleaners and hard-floor cleaners. Techtronic will acquire operational control of the business including manufacturing in Ohio, Texas and Mexico.

The companies have not disclosed details of the liabilities that Techtronic will assume but analysts reckon they are long tenure, mostly pension-related liabilities and will equal around $70 million. As per the terms of the deal, Whirlpool will retain the...
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