Dyson founder pans rivals, but one is looking for an exit
James Dyson - founder of the eponymous company that designs and manufactures, among other things, vacuum cleaners - had unkind things to say about rival brands Vax and Hoover, which are owned by Hong Kong-listed Techtronic Holdings.
Discussing his business in The Times recently, Dyson criticised the Hong Kong-owned brands. 'Their business model is vile as their plan is to copy us,' he said.
Dyson successfully sued Hoover in 2000 before Techtronic bought it from previous owner Whirlpool. Dyson also sued Vax last year. Techtronic appears to be tiring of the business, although it accounts for some 29 per cent of group sales and was only acquired in 2006. In a stock exchange announcement last month, Techtronic said it was looking to sell its floor-care business which holds the vacuum cleaner brands - TTI Floor Care.
A clear account of rules
In the bad old days when Hong Kong was regarded as a safe haven for hot money - particularly from Southeast Asia, if you turned up at a bank with a bag full of banknotes to deposit - you were welcomed with open arms.
