Global small appliance maker Groupe SEB (Lyon, France) received approval from a U.S. bankruptcy court in Wilmington, Delaware to buy some of the assets of Mirro WearEver, maker of bakeware and cookware. The acquisition includes inventories, trade receivables, trademarks, and equipment at its plant in Nuevo Laredo, Mexico. Groupe SEB expects the transaction to be complete by August 18.
"This acquisition reflects the capacity of the group to seize strategic opportunities when they arise," commented Groupe SEB Chairman and CEO, Thierry de La Tour d'Artaise. "It allows us to pursue our international development and to consolidate our presence in the American cookware market, where Groupe SEB now becomes an undisputed leader."
Mirro WearEver was a subsidiary of Global Home Products, selling entry-level price point products under the Mirro trade name and mid-range products under the WearEver and Air Bake trade names. It manufactures cookware and bakeware in Nuevo Laredo and outsources products. It had sales of approximately U.S. $120 million in 2005. Groupe SEB will pay $36.5 million to acquire the business.
The acquisition is designed to complement Groupe SEB's existing cookware business in the U.S. It sells premium price All-Clad products and mid-priced T-Fal brands.
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