Aga Acquires France's Pavailler Sep 9, 2004

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Aga Foodservice Group (AFG) maker of the country cottage cookers, has acquired certain assets and the operations of Pavailler, France's second-largest bakery equipment manufacturer, for 2.5 million euros (approx. U.S. $3.0 million). AFG picked up Pavailler's three French factories and its stock.

Pavailler went into administration in July 2004 primarily because of losses at its U.S. subsidiary, which has now been closed. The operations had a turnover of circa 32 million euros (approx. $39 million) and achieved a result close to breakeven in 2003. The fixed assets and stock as of Dec. 31, 2003 had a value of approximately 10 million euros (approx. $12.1 million).

AFG already owns Bongard, the market leader in France. With this acquisition, AFG is reported to have a powerful product and distribution platform together with its U.K. and Italian operations to service both is major international supermarket accounts as well as its local artisan bakery customers.

"Bakery is core to Aga Foodservice Group and acquiring Pavailler strengthens us not only in France but brings capacity and local contacts to support our international expansion plans across Europe and in the USA," commented William McGrath, chief executive of AFG.

AFG acquired La Cornue, the prestigious French range cooker business from its U.S. parent company, the engineering group Nortek Inc. in August 2004.

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