Whirlpool (WHR), appliance maker, plans to sell its Hoover vacuum business to Techtronic, a Hong Kong-based home improvement and construction tools supplier, for $107 million.
The chairman and CEO of the buyer, Techtronic Industries (TTNDY), called Hoover “one of the most recognized brands in the world” and a welcome addition to its floor-care portfolio that includes Dirt Devil, Regina and Royal.
In announcing the deal, the companies said it could close as early as the first quarter of next year following regulatory clearance.