Mondragon, Spain-based Fagor Electrodomesticos S. Coop reported 2006 profits of 12 million euros (approx. U.S. $15.9 million), according to an ERTweekly.com report. At a press conference in Bilbao, Spain, the company reported 2006 turnover of 1.729 billion euros (approx. $2.3 billion), for an increase of approximately 15 percent over 2005. The news report included comments from Fagor Electrodomésticos General Director Txema Gisasola, who said investments in new technology and resources in 2006 were 130 million euros (approx. $173 million). The investments will continue, especially in flagship appliance brands Fagor and De Dietrich, with planned investments of 44 million euros (approx. $59 million).
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