Eureka is a manufacturer of vacuum cleaners. The company is best known for "The Boss" line of vacuum cleaners, which were heavily promoted in the late 1980s.
Eureka Group Holdings Limited, formerly SCV Group Limited, is an Australia-based company engaged in property management of senior independent living communities. The Company operates within four business segments: Strata and Leasehold, which includes individual investors where income is derived from letting fees, caretaking fees and catering services; Wholesale, which derives management fees based on occupancy rates, and Retail, which operates under a managed investment scheme; Village care model, which works under the Deferred Management Fee (DMF) structure, as well as Management Lease, which is lease type arrangements whereby the Company derives a management fee based on revenue and profitability of the portfolio. As of June 30, 2010, the Company was operational through a number of wholly owned subsidiaries, including SunnyCove Forest Lake Pty Limited, SCV No. 1 Pty Ltd, SCV Manager Pty Ltd and Village Care Pty Ltd, among others.
The company was founded in Detroit, Michigan 1909 by Fred Wardell to build vacuum cleaners.[1] By 1927, Eureka was selling one third of all vacuums manufactured in the United States. 1930 saw expansion into making other appliances with the introduction of the Eureka electric range.
The Eureka-Williams Corporation building, Bloomington, Illinois
In 1945, the company merged with Williams Oil-O-Matic, a Bloomington, Illinois manufacturer of oil-based heaters for the home, and the name of the company was changed to Eureka-Williams Corporation.
The company would continue to expand its horizons, eventually manufacturing such diverse items as heaters, air conditioners, a wooden lung, and school furniture.
In 1961, the company became the first U.S. manufacturer to produce a purpose-built electric car, the Henney Kilowatt.
In 1974, Eureka was purchased by AB Electrolux of Sweden and the name was changed to The Eureka Company.
In 2000, production of vacuum cleaners was moved to Juarez, Mexico and the company closed its Normal, Illinois manufacturing facility.
The use of the Eureka Company name was discontinued in 2004 and replaced with Electrolux Home Products Division.Eureka brand vacuums continue to be manufactured to the present.
Eureka celebrated its 50th anniversary year in 1959, the year in which Feldmann announced his intention to merge Eureka-Williams with National Union Electric Corporation, a heating and air-conditioning manufacturer of which Feldmann was both chairman and president. At the time of the merger Eureka-Williams was described as manufacturing vacuum cleaners, oil burners, school furniture, aircraft generators, hydraulic motors, starters and inverters, and thermal batteries at plants in Bloomington and Canastota, New York. Feldmann took Eureka private and it became a division of National Union.
Eureka-Williams fared well with National Union, playing the part of the steady and conservative manufacturer in a rather idiosyncratic company. Feldmann, an avid inventor and golfer, grew intrigued with the idea of an electric automobile and hatched a plan to build and market the cars through utility companies just like other electrical products. The car, whose top speed was 35 miles per hour, sold for $3,500. But of the one hundred cars manufactured, only 47 were sold. By 1971, Eureka-Williams accounted for 40 to 50 percent of National Union's sales and profits, and National Union reported that vacuum cleaner volume had climbed for the 12th consecutive year.
In June of 1974, Electrolux AB, the Swedish vacuum cleaner manufacturer, announced its bid for National Union. Electrolux had been unable to use its name in the United States since 1968 (when it sold its American Electrolux Co. subsidiary to Consolidated Foods Co.), and it was looking to re-enter the lucrative American market. National Union supported Electrolux's takeover of Eureka-Williams, whose name was changed backed to the Eureka Company.
Eureka's 75th anniversary year, 1984, was said by the company to be its best sales year ever. Eureka reported that sales had increased 211 percent over the previous decade, five times faster than the industry average. But the company continued to trail Hoover. In an attempt to cut production costs, Eureka began to move vacuum-cleaner production out of Bloomington, opening a plant to make uprights in El Paso, Texas, in 1983, and another in Juarez, Mexico, in 1984. In 1989, a major reorganization effort saw hundreds of employees laid off at its Bloomington facilities as recession rippled through the economy. In 1990, Eureka announced that it was moving production of upright cleaners completely to El Paso. The manufacture and assembly of canisters were consequently consolidated at its plant at Normal, Illinois, while headquarters and other manufacturing operations remained at Bloomington. Eureka reported that it spent $2.2 million restructuring its plants in Illinois.
In 1991 Eureka saw a loss in market share, especially to the third-place Royal brand. Some industry sources quoted in HFD blamed the drop on the company's late entry into the attached-tool upright market, which at that time held about 40 percent if the market. That experience prompted yet another round of reassignments, a visit from an executive at Electrolux to help streamline production, and another reorganization. Eureka seemed determined to take a more aggressive and proactive attitude toward product introduction and advertising, expanding its national advertising revenue by 300 percent. It also lowered prices.
An example of Eureka's efforts to create innovative products was the introduction of the Corvette Vac in 1993, a hand-held vacuum whose styling was designed to match that of the sports car. The Corvette name, on license from General Motors Corporation, was used to lure car owners who would be attracted to cleaning their car with it. The product was instantly successful. Eureka also introduced items at the high-end of the market to fill all categories of the home-cleaning market. Examples were wet/dry vacuums and rechargeable units.
By the mid-1990s, Eureka held steady at its perennial number two position in the vacuum cleaner market, but had rebounded from losses in market share in the early 1990s. The company claimed its highest sales ever in 1993. Eureka held about 20 percent of the $600-million full-sized cleaner market, as compared with Hoover's 35 percent. The company manufactured more than 100 different models of vacuum cleaners, for home as well as commercial use.
OVERALL
Beta: 2.19
Market Cap (Mil.): $2.43
Shares Outstanding (Mil.): 37.36
Annual Dividend: --
Yield (%): --
FINANCIALS
EGH.AX Industry Sector
P/E (TTM): 2.04 11.30 24.66
EPS (TTM): 116.95 -- --
ROI: 37.89 16.10 4.68
ROE: 43.57 22.18 9.23
Statistics:
Division of Electrolux AB
Incorporated: 1910
Employees: 2,150
Sales: $390 million
SICs: 3635 Household Vacuum Cleaners
Name Age Since Current Position
Wowk, Jury 2010 Chairman of the Board
Pointon, Pamela 2009 Interim Chief Executive Officer
Dolan, Paul Chief Financial Officer
Byers, Loretta Chief Executive Officer - Village Care
Fay, James 2009 Company Secretary
Pleass, Cate 2007 Marketing & Human Resources Manager
Kemp, Andrew 58 2009 Non-Executive Director
Fulloon, Paul 2008 Non-Executive Director
McIntosh, Lachlan 44 2010 Non-Executive Director
Address:
1201 E. Bell Street
Bloomington, Illinois
U.S.A.
Eureka Group Holdings Limited, formerly SCV Group Limited, is an Australia-based company engaged in property management of senior independent living communities. The Company operates within four business segments: Strata and Leasehold, which includes individual investors where income is derived from letting fees, caretaking fees and catering services; Wholesale, which derives management fees based on occupancy rates, and Retail, which operates under a managed investment scheme; Village care model, which works under the Deferred Management Fee (DMF) structure, as well as Management Lease, which is lease type arrangements whereby the Company derives a management fee based on revenue and profitability of the portfolio. As of June 30, 2010, the Company was operational through a number of wholly owned subsidiaries, including SunnyCove Forest Lake Pty Limited, SCV No. 1 Pty Ltd, SCV Manager Pty Ltd and Village Care Pty Ltd, among others.
The company was founded in Detroit, Michigan 1909 by Fred Wardell to build vacuum cleaners.[1] By 1927, Eureka was selling one third of all vacuums manufactured in the United States. 1930 saw expansion into making other appliances with the introduction of the Eureka electric range.
The Eureka-Williams Corporation building, Bloomington, Illinois
In 1945, the company merged with Williams Oil-O-Matic, a Bloomington, Illinois manufacturer of oil-based heaters for the home, and the name of the company was changed to Eureka-Williams Corporation.
The company would continue to expand its horizons, eventually manufacturing such diverse items as heaters, air conditioners, a wooden lung, and school furniture.
In 1961, the company became the first U.S. manufacturer to produce a purpose-built electric car, the Henney Kilowatt.
In 1974, Eureka was purchased by AB Electrolux of Sweden and the name was changed to The Eureka Company.
In 2000, production of vacuum cleaners was moved to Juarez, Mexico and the company closed its Normal, Illinois manufacturing facility.
The use of the Eureka Company name was discontinued in 2004 and replaced with Electrolux Home Products Division.Eureka brand vacuums continue to be manufactured to the present.
Eureka celebrated its 50th anniversary year in 1959, the year in which Feldmann announced his intention to merge Eureka-Williams with National Union Electric Corporation, a heating and air-conditioning manufacturer of which Feldmann was both chairman and president. At the time of the merger Eureka-Williams was described as manufacturing vacuum cleaners, oil burners, school furniture, aircraft generators, hydraulic motors, starters and inverters, and thermal batteries at plants in Bloomington and Canastota, New York. Feldmann took Eureka private and it became a division of National Union.
Eureka-Williams fared well with National Union, playing the part of the steady and conservative manufacturer in a rather idiosyncratic company. Feldmann, an avid inventor and golfer, grew intrigued with the idea of an electric automobile and hatched a plan to build and market the cars through utility companies just like other electrical products. The car, whose top speed was 35 miles per hour, sold for $3,500. But of the one hundred cars manufactured, only 47 were sold. By 1971, Eureka-Williams accounted for 40 to 50 percent of National Union's sales and profits, and National Union reported that vacuum cleaner volume had climbed for the 12th consecutive year.
In June of 1974, Electrolux AB, the Swedish vacuum cleaner manufacturer, announced its bid for National Union. Electrolux had been unable to use its name in the United States since 1968 (when it sold its American Electrolux Co. subsidiary to Consolidated Foods Co.), and it was looking to re-enter the lucrative American market. National Union supported Electrolux's takeover of Eureka-Williams, whose name was changed backed to the Eureka Company.
Eureka's 75th anniversary year, 1984, was said by the company to be its best sales year ever. Eureka reported that sales had increased 211 percent over the previous decade, five times faster than the industry average. But the company continued to trail Hoover. In an attempt to cut production costs, Eureka began to move vacuum-cleaner production out of Bloomington, opening a plant to make uprights in El Paso, Texas, in 1983, and another in Juarez, Mexico, in 1984. In 1989, a major reorganization effort saw hundreds of employees laid off at its Bloomington facilities as recession rippled through the economy. In 1990, Eureka announced that it was moving production of upright cleaners completely to El Paso. The manufacture and assembly of canisters were consequently consolidated at its plant at Normal, Illinois, while headquarters and other manufacturing operations remained at Bloomington. Eureka reported that it spent $2.2 million restructuring its plants in Illinois.
In 1991 Eureka saw a loss in market share, especially to the third-place Royal brand. Some industry sources quoted in HFD blamed the drop on the company's late entry into the attached-tool upright market, which at that time held about 40 percent if the market. That experience prompted yet another round of reassignments, a visit from an executive at Electrolux to help streamline production, and another reorganization. Eureka seemed determined to take a more aggressive and proactive attitude toward product introduction and advertising, expanding its national advertising revenue by 300 percent. It also lowered prices.
An example of Eureka's efforts to create innovative products was the introduction of the Corvette Vac in 1993, a hand-held vacuum whose styling was designed to match that of the sports car. The Corvette name, on license from General Motors Corporation, was used to lure car owners who would be attracted to cleaning their car with it. The product was instantly successful. Eureka also introduced items at the high-end of the market to fill all categories of the home-cleaning market. Examples were wet/dry vacuums and rechargeable units.
By the mid-1990s, Eureka held steady at its perennial number two position in the vacuum cleaner market, but had rebounded from losses in market share in the early 1990s. The company claimed its highest sales ever in 1993. Eureka held about 20 percent of the $600-million full-sized cleaner market, as compared with Hoover's 35 percent. The company manufactured more than 100 different models of vacuum cleaners, for home as well as commercial use.
OVERALL
Beta: 2.19
Market Cap (Mil.): $2.43
Shares Outstanding (Mil.): 37.36
Annual Dividend: --
Yield (%): --
FINANCIALS
EGH.AX Industry Sector
P/E (TTM): 2.04 11.30 24.66
EPS (TTM): 116.95 -- --
ROI: 37.89 16.10 4.68
ROE: 43.57 22.18 9.23
Statistics:
Division of Electrolux AB
Incorporated: 1910
Employees: 2,150
Sales: $390 million
SICs: 3635 Household Vacuum Cleaners
Name Age Since Current Position
Wowk, Jury 2010 Chairman of the Board
Pointon, Pamela 2009 Interim Chief Executive Officer
Dolan, Paul Chief Financial Officer
Byers, Loretta Chief Executive Officer - Village Care
Fay, James 2009 Company Secretary
Pleass, Cate 2007 Marketing & Human Resources Manager
Kemp, Andrew 58 2009 Non-Executive Director
Fulloon, Paul 2008 Non-Executive Director
McIntosh, Lachlan 44 2010 Non-Executive Director
Address:
1201 E. Bell Street
Bloomington, Illinois
U.S.A.