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Topics Mergers & Acquisitions Consumer Products Housewares
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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.