The transaction will close in the first quarter of 2007 assuming
regulatory clearance. The deal calls for Techtronic to assume
operational control of all Hoover operations including
manufacturing operations in North Canton, Ohio, El Paso, Texas
and Juarez, Mexico. Whirlpool will retain the liabilities
associated with pension and post-retirement benefit plans for
currently retired Hoover employees.
"The decision to divest the floor-care business allows us to
focus on our core appliance business," said Whirlpool chairman
and CEO Jeff M. Fettig. "We have now signed a definitive
agreement to sell the Hoover floor-care business and completed
the sale of Dixie-Narco vending systems and Amana Commercial
microwave business. In addition, we continue to work toward
completing the sale of the Jade business by the end of this
year."
RTO Online is the official channel for Rent-to-Own Industry News and the
only independent source of news for the rent-to-own, rental-purchase,
lease-purchase trade. RTO Online (Rent to Own Online) represents the choice
of the entire RTO Industry for trusted information, as it happens.
The decision
to divest the floor-care business allows us to focus on our core
appliance business.