The Wall Street Journal reported that a Hoover brand owner was the highest bidder at the Oreck bankruptcy auction, squelching the Oreck family’s chance at buying back its namesake vacuum cleaner company.
The Journal said that a Techtronic Industries subsidiary offered the winning bid of more than $24 million. The article noted that the bidder said it plans to continue operating the Cookeville, TN Oreck 250-worker plant.
According to the Journal, Techtronic owns an assortment of power tool and vacuum cleaner brands, including Hoover and Dirt Devil.
To read the entire WSJ story, click here.
Previously on abfjournal: Oreck Files for Bankruptcy, Seeks DIP to Payoff Wells Fargo, May 13, 2013