Fagor Invests in Growth Apr 7, 2006

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Fagor Electrodomésticos appears to be satisfied with the progress it has made in structuring its business since the takeover of Groupe Brandt last year and is ready to begin aggressively expanding its markets. The company, which is now considered to be the fifth-largest white goods appliances maker in Europe, embarked on a 3-year initiative that is designed to grow its market share in Europe from it's current 5.8 percent to 8.3 percent by 2009 according to a report by Basque media outlet EITB.

The current expansion plan, as reported by the news service, calls for investing approximately 275 million euros (U.S. $335 million) by 2009. The investment will be used on projects such as Chinese production and sale of boilers. In Europe, the company is launching the new Driron clothes dryer and steamer. Clothes can be removed from the washer and hung in the appliance to be dried and pressed. Inserts are provided with the appliance for drying dress shirts and other items. The company will also focus on renewable energy appliances and, EITB says, promote and consolidate its De Dietrich brand.

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