Buyer plans to sell former Hoover molding, assembly plants

By Frank Antosiewicz
Correspondent

Published: July 31, 2014 2:06 pm ET
Updated: August 1, 2014 2:36 pm ET

Related to this story

Topics Mergers & Acquisitions, Consumer Products, Housewares

A former Hoover Co. manufacturing plant with 150 injection machines in El Paso, Texas, and a nearby maquiladora plant in Juarez, Mexico, changed owners and are for sale, according to its newest owners.

Hackman Capital Partners said in a news release that it worked with two auction firms, Industrial Assets Inc., which does business as Biditup Auctions Worldwide Inc., and Maynards Industries, to acquire the facilities from a Hoover subsidiary.

Terms of the deal were not released.

The 425,000-square-foot facility in El Paso includes 150 Van Dorn injection molding machines ranging to 1,100 tons of clamping force and a mold repair shop. The Juarez plant is 274,295 square feet and is advertised as a building with a cross-border presence.

The buildings were formerly owned by TTI Floor Care North America, which is based in Glenwillow, Ohio. It is known for its vacuum brands including Hoover, Dirt Devil and Oreck. The company did not return phone calls seeking comment.

TTI, which is part of Techtronics Industries Co. Ltd., a Hong Kong company, bought Hoover in 2007 from Whirlpool Corp. In April 2007, the company told Plastics News that overcapacity was forcing it to close most of its Hoover molding operations in North Canton, Ohio, and moving it to El Paso.

According to the El Paso Times, TTI closed the El Paso facility as well as the nearby Mexican assembly plant in early 2014. The newspaper reported that both had been in operation for more than 25 years and the closings eliminated about 200 jobs in El Paso and 700 in Mexico.

For the new owners, the plan is to sell the buildings and equipment.

“The acquisition is aligned with our firm’s concentration on purchasing complete facilities through bulk transactions, said Michael Hackman, founder and CEO of Hackman Capital Partners, in a statement.

The company is marketing the two plants as a turnkey opportunity.


Comments

Buyer plans to sell former Hoover molding, assembly plants

By Frank Antosiewicz
Correspondent

Published: July 31, 2014 2:06 pm ET
Updated: August 1, 2014 2:36 pm ET

Post Your Comments


Back to story


More stories

Image

Ferro sells another piece of its plastics business

December 19, 2014 3:33 pm ET

Ferro Corp. has sold its North American polymer additives business to a private equity firm for $154 million in cash.    More

Image

Alex Brands buys iconic Shrinky Dinks toys

December 19, 2014 3:15 pm ET

First Slinky, now Shrinky Dinks. What will toy and games investment firm Alex Brands buy next?    More

Image

Jarden hiring for new plastics plant

December 19, 2014 1:45 pm ET

Consumer products conglomerate Jarden Corp. is hiring plastics technicians for a new operation in Erlanger, Ky.    More

Image

Thailand's SCG Chemicals buying Norwegian chemical firm Norner

December 19, 2014 9:11 am ET

Thailand's SCG Chemicals Co. Ltd. has announced it has acquired 51 percent of the shares in the independent petrochemical company Norner Holding AS...    More

Image

BASF to sell its share in Singapore JV

December 19, 2014 8:37 am ET

BASF SE has announced that it has reached an agreement for it to sell its share in the 50-50 joint venture ELLBA Eastern, at Jurong Island, Singapore ...    More

Market Reports

Flexible Packaging Trends in North America

Our latest RESEARCH report examines trends in FLEXIBLE PACKAGING impacting the North American market including a review of economic conditions, key drivers of growth, materials pricing, M&A activity, sustainability challenges and the outlook for 2015.

Learn more

Plastics in Brazil - State of the Industry Report

This in-depth report examines the Brazilian plastics industry from a historical and geographical context. Our analysts provide insight on economic trends and forecasts, growing manufacturing sectors that utilize plastics, private investment opportunities, market environment challenges, and innovations in R&D.

Data tables and charts on producer prices, trade, plastics production and end market indicators is also included.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events