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INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS Local 1985. Proposed Hoover Company Buyout James Repace – President IBEW - Local 1985 Eric Bowles – Director of Economic Development City of North Canton. Hoover Company History. In continuous operation since 1908

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international brotherhood of electrical workers local 1985

INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERSLocal 1985

Proposed Hoover Company

Buyout

James Repace – President IBEW - Local 1985

Eric Bowles – Director of Economic Development

City of North Canton

hoover company history
Hoover Company History
  • In continuous operation since 1908
  • First floor care products company
  • Company History interlinked with City of North Canton
  • Once Worldwide Company with facilities in the United States, Europe, and Canada
hoover company decline
Hoover Company Decline
  • Sold to investment group Chicago Pacific in 1986
  • Sold to Maytag Corporation in 1989
  • Continued employment reductions
  • Hurt by Maytag’s poor management and “One Company Concept”
hoover products manufactured in north canton
Hoover Products Manufactured In North Canton
  • Oasis Steam-Vacuum
  • Gamma Cell
  • Atlas
  • Canister vacuums
  • Commercial upright vacuums
  • Floor scrubber/polisher machines
current issues
Current Issues
  • Proposed sale of Hoover by Maytag Announced February 2, 2006
  • Worries of possible new ownership and shut down of North Canton Facility
  • Purchase of Maytag by Whirlpool Corporation – March 2006
ibew local 1985 action
IBEW Local 1985 Action
  • Proactive steps to identify resources to assist Union Leadership with possible employee purchase
  • Meeting with OEOC Staff
  • Partnership with City of North Canton
local 1985 north canton partnership
Local 1985/North Canton Partnership
  • Worked together to assemble preliminary feasibility study application for OEOC Program Funding
  • Normal process interrupted by Maytag’s sale announcement
  • Entered into process of obtaining a retainer agreement with qualified consultant
partnership continued
Partnership continued…
  • Scope of Services developed with help of OEOC Staff
  • Contacted four consulting firms, sent out scope of services, and held interviews between February 6th and February 15th
  • Committee met on February 17th to select consultant – Duff & Phelps/Ownership Associates
  • Held meetings (2) with Union Membership on March 9th to vote on Preliminary Feasibility process – affirmative vote
  • Consultant contract signed April 7, 2006
consultant action
Consultant Action
  • Identification of a Worker Friendly Equity Fund
  • Submission of non-binding offer to purchase by equity fund to Maytag’s investment banker Lazard
  • Received “Book” of financial information on Hoover Company from Lazard
  • Currently analyzing those records to determine feasibility of employee stock ownership purchase
current status
Current Status
  • Study of financials ongoing but preliminary work is positive
  • Purchase of Maytag by Whirlpool completed on Friday, March 31st
  • Whirlpool has indicated they are going ahead with Maytag’s sale process but will evaluate the floor care business in 60-90 days
  • Suggested that Whirlpool may make Hoover a stand-alone company again
  • Promised ongoing communication with Union
  • Local 1985 is proceeding forward with ESOP process
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