Hoover Put Up for Sale After Revenues Hit Floor
Hoover, one of the best known names in home appliances, is up for sale.
Maytag, the American appliance firm that owns the brand, admitted the move yesterday after reporting losses of $75m (£43m) in the fourth quarter. Maytag said Hoover sales were down significantly.
The company was slower than its rivals to move manufacturing to the developing world and has struggled to match their prices. It is also under pressure from premium products such as the Dyson cleaner.
Ralph Hake, chief executive, said Maytag could "no longer carry the burden" of the business.
Maytag, the American appliance firm that owns the brand, admitted the move yesterday after reporting losses of $75m (£43m) in the fourth quarter. Maytag said Hoover sales were down significantly.
The company was slower than its rivals to move manufacturing to the developing world and has struggled to match their prices. It is also under pressure from premium products such as the Dyson cleaner.
Ralph Hake, chief executive, said Maytag could "no longer carry the burden" of the business.
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