News Room

FOR IMMEDIATE RELEASE
February 1, 2007

Columbus, OH -- COLUMBUS – Lieutenant Governor Lee Fisher today announced that the Ohio Tax Credit Authority has approved a Job Creation Tax Credit for Royal Appliance Manufacturing, Inc., a wholly owned subsidiary of Techtronic Industries Co., Inc. (TTI), which announced this week it will locate TTI Floor Care – the largest floor care business in North America - to its Dirt Devil operation, located in Glenwillow (Cuyahoga County).

"I am pleased to partner with TTI to facilitate this project that will create outstanding professional opportunities for Cuyahoga County's workforce," said Lt. Governor Fisher who also serves as state development director. "The expansion of TTI's research and development activities aligns well with the state's goal to create the highly skilled, technical jobs of the future by making the investments necessary to nurture innovative products and processes."

TTI is a supplier of home improvement and construction tools with a portfolio of power equipment products, floor care appliances and laser and electronic products. The company is headquartered in Hong Kong and maintains manufacturing and research facilities in Asia, Europe and North America, as well as a customer service network in North America, Europe, Australia and Asia. TTI will invest at least $2 million to expand its Glenwillow facility and has recently purchased the Hoover Company manufacturing operation in North Canton as a major part of a plan to increase its research and development capabilities in North America. By establishing its global research and development operation in Ohio, the company expects to add 90 professional positions over the next three years.

The Authority approved a 65% Job Creation Tax Credit for a term of 10-years, valued at an estimated $1.5 million. As a part of the tax credit agreement, the Authority requires the company to maintain operations in Glenwillow for at least 20 years.

The Job Creation Tax Credit is a refundable tax credit against the business corporate franchise or income tax. The credit equals a percentage of new state income tax withheld on new, full-time employees in Ohio.