European-based appliance maker Groupe SEB confirmed that it has entered into negotiations to acquire a majority interest in the Italian-based company Lagostina on an exclusive basis for 2 months.
Lagostina is an Italian producer of premium pressure cookers, stainless-steel pots, frying pans, and other cookware, distributed through specialty retailers.
In the high-end segment, the company is also said to be a market leader in France, Canada, the Benelux countries, and Taiwan. In 2004, it reported some 60 million euros (approx. U.S. $79.5 million) in revenues, of which around 30 percent were generated in export markets. Production is concentrated at a single plant in Omegna, Italy, although certain products have been partially outsourced.
Groupe SEB said the proposed acquisition of Lagostina is aligned with its strategic vision and would enable it to continue the process of expanding in the premium cookware segment that was initiated in 2004 with the acquisition of All-Clad in the U.S.
to Daily News