Fisher & Paykel Acquires Italian Cooking Appliance Business
Jun 15, 2006
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New Zealand-based appliance maker Fisher & Paykel Appliances Holdings Limited (F&P) acquired Elba S.p.A., a European cooking appliance maker, from De'Longhi S.p.A. for 78 million euros (approx. U.S. $97.6 million).
Elba, based near Treviso, Italy, manufactures and distributes cooking appliances including freestanding cookers, built-in ovens and cooktops. It exports to more than 54 countries with a particular strength in the United Kingdom.
"Now that our U.S. strategy is in place, the Elba acquisition provides us with the platform to achieve strategic growth in Europe," John Bongard, managing director and CEO of F&P, said. "The acquisition will also provide further geographical diversification for us, balancing our exposures to the U.S., Australian and New Zealand markets."
Elba will also introduce a range of Fisher & Paykel branded products in the Australasian market, F&P said.
According to De’Longhi CEO Fabio De’Longhi, the De’Longhi company will continue to be the exclusive distributor of De’Longhi branded cookers in the Australian, New Zealand and Italian markets.
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