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VOL. 37 | NO. 27 | Friday, July 05, 2013
Nashville-based Oreck sold at auction to Royal
NASHVILLE (AP) — The parent company of Hoover has purchased Nashville-based vacuum maker Oreck Corporation at a bankruptcy auction.
The Tennessean reports (http://tnne.ws/11y4ZvC) the family that founded Oreck had hoped to buy it back but lost the bid at a Monday auction to Royal Appliance Manufacturing Company.
According to a statement, Royal intends to close the transaction on July 24, subject to court approval.
Financial details of the winning bid were not released, but the Oreck family had submitted a $23 million bid at the beginning of the bankruptcy process.
The family's effort was led by former CEO Thomas Oreck. The family said they hoped to keep Oreck's manufacturing jobs in the United States.
Oreck has more than 200 employees at a manufacturing facility in Cookeville and several dozen corporate employees in Nashville.