ROYAL AGREES TO BE ACQUIRED IN ORDER TO FOCUS ON FLOOR CARE.(Royal Appliance Manufacturing Co. )
HFN: The Weekly Newspaper for the Home Furnishing Network, December, 2002 by Beatty, Gerry
GLENWILLOW, Ohio-Royal Appliance Manufacturing Co. is being acquired specifically to concentrate on the Dirt Devil.
"We will absolutely be more focused on floor care now," said Mike Merriman, Royal's president and chief executive officer here. "We will be spending significantly more money on floor care next year as our primary focus"
Royal agreed last week to be bought by Techtronic Industries Co. Ltd., the rapidly growing manufacturer whose holdings include Ryobi tools in North America and Vax floor care in Great Britain. TTI will pay $7.37 a share in cash, or about $105 million, plus assumption of $45 million in credit lines, to make Royal a stand-alone subsidiary. Closing was expected by mid-March.
Royal still will promote the TeleZapper...
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