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Small appliance maker Groupe SEB announced that it has signed the final agreement to acquire Panex, Brazil’s leading cookware manufacturer.
Panex markets frying pans, pots, and pressure cookers, most of which are manufactured at its plant in São Bernardo, near São Paolo. The Brazilian company reported 2004 sales of around 35 million euros (approx. U.S. $45.3 million).
Financed by local currency debt, the company says the acquisition will have only a very limited impact on its financial situation.
According to the appiance company, the acquisition reflects its assertive strategy of consolidating its leadership positions in every product category on every continent and in every market segment. In the cookware business, the Panex acquistition falls in line with the recent acquisitions of All-Clad in the United States and Lagostina in Italy.
With a competitive production plant, well-known brands in Brazil and in the rest of the Mercosur region, and an efficient distribution network, Panex, along with Arno, will enable the company to become the major participant in the South American small domestic equipment market, Groupe SEB said.
The transaction should be closed by the end of May.
Groupe SEB Finalizes Acquisition of Panex in Brazil
Small appliance maker Groupe SEB announced that it has signed the final agreement to acquire Panex, Brazil’s leading cookware manufacturer.
Panex markets frying pans, pots, and pressure cookers, most of which are manufactured at its plant in São Bernardo, near São Paolo. The Brazilian company reported 2004 sales of around 35 million euros (approx. U.S. $45.3 million).
Financed by local currency debt, the company says the acquisition will have only a very limited impact on its financial situation.
According to the appiance company, the acquisition reflects its assertive strategy of consolidating its leadership positions in every product category on every continent and in every market segment. In the cookware business, the Panex acquistition falls in line with the recent acquisitions of All-Clad in the United States and Lagostina in Italy.
With a competitive production plant, well-known brands in Brazil and in the rest of the Mercosur region, and an efficient distribution network, Panex, along with Arno, will enable the company to become the major participant in the South American small domestic equipment market, Groupe SEB said.
The transaction should be closed by the end of May.
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