TTI Considering Hoover, Dirt Devil Sale
Posted on July 18, 2011 by
HONG KONG-TTI Industries has begun to explore the possible sale of its floor-care business, which consists of the long-established Hoover and Dirt Devil brands, under its subsidiary, TTI Floor Care North America.
Responding to press reports, the company issued a statement yesterday saying that it has engaged an unnamed financial adviser to consult on a possible sale. TTI also said it has held "very preliminary discussions with a number of potentially interested parties." The statement also said TTI is considering "various strategic options," which include holding on to the business.
"The current assessment of the possible divestment is at a very preliminary state, and there is no assurance that the possible divestment will proceed," the statement said. Beyond this, TTI said it would not comment on "rumors or speculations reported in the press or media."