Whirlpool selling Hoover business to Techtronic Industries

Whirlpool Corp. has said in a statement that they are selling off their Hoover vacuum cleaner business to Techtronic Industries.

The deal is worth around $107 million and Whirlpool would now concentrate on their own core appliances business.

Techtronic said that they believe Hoover would become an integral part of their own vacuum lineup, which already includes Dirt Devil and Regina brands in the United States. They also have Vax brand in UK.

Techtronic added that they would be spending a lot of money to reinvigorate the brand, which has lost sheen in the recent times.

Joseph Galli Jr., chief executive of Techtronic’s global floor care and appliances business added in a statement on their plans for Hoover: “Hoover is a high-end brand and a commercial brand, and that’s exactly where we are going in the future. We are going to develop innovative trade-up products that serve the whole spectrum of the market.”

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