Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

AGA Buys Northland-Marvel
Sep 9, 2003
 Printable format
 Email this Article
 Search

Aga Foodservice Group plc has acquired Northland-Marvel, a U.S. manufacturer of high-end domestic and commercial refrigeration appliances, for U.S. $21 million (£13.3 million) in cash.

According to Aga, the acquisition will enable it to offer dealers and consumers a range of cookers and refrigerators comparable to that of the established US market leaders.

Northland-Marvel's primary production facility is in Richmond, IN, U.S., and it produces undercounter and freestanding refrigerators. In the financial year ended Oct. 31, 2002, Marvel’s turnover was $40 million and profit before tax was $3.0 million. Profits are expected to be up to $0.5 million lower in the current year, but should strengthen moving into 2004. Net assets as of Oct. 31, 2002 were $7 million.

Northland-Marvel will report to Iain Whyte, managing director of Aga Foodservice Inc. and Victory Refrigeration. Gordon Stauffer, Northland-Marvel's CEO, will remain with the business for the next 3 years prior to his retirement.

In the U.S., there are more than 200 Aga displays and 12 Aga/Domain stores showing the company’s 'Great Room' setting. As a result of this acquisition, Aga said it will build on this platform and on the distribution structures of Northland-Marvel, in turn, widening the product range carried by both and adding more cooking products from Rangemaster in the UK. Northland-Marvel's commercial sales, which account for around 14 percent of the business, will benefit from the link with Victory, and new ranges will be launched in 2004, Aga said.

With Northland-Marvel, Aga also plans to develop a presence internationally in upscale domestic refrigeration. Northland-Marvel product will be sold in the UK through the Aga’s established routes to market under the Aga and Falcon brands.

William McGrath, CEO of Aga Foodservice Group plc said, "With the wider range of cooking and refrigeration appliances on offer, backed by the marketing profile that Domain is providing in the U.S., the [Aga] Group now has the structure to make a real impact. We are taking commercial refrigeration technology into domestic appliance markets, combined with the styling for which we are renowned. Together with our other product ranges led by Aga, we have created a strong commercial opportunity in our US business."

Back to Daily News

 

Daily News

...........................................................

Dec 17, 2014: Bosch names Kenny head of marketing

Dec 17, 2014: Multifamily Production Index off its peak, but still positive

Dec 17, 2014: AHRI launches two new certification programs

Dec 16, 2014: Arçelik awarded for fridge with integrated ice-cream bowl

Dec 16, 2014: Report: appliance segment at the top of 2014 reshoring list

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

November 2014: Appliance Magazine Market Insight Annual Subscriptions
November 2014: U.S. Appliance Industry: Market Value, Life Expectancy & Replacement Picture 2014
October 2014: Portrait of the European Appliance Industry
September 2014: Appliance Industry Focus: HVAC




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows