Aga Foodservice Group plc announced that it has acquired La Cornue, the French range cooker business of U.S. engineering group Nortek Inc.
The cash consideration of 5.1 million euros (approx. U.S. $6.2 million) will be financed from existing cash resources. In the year ended Dec. 31, 2003, La Cornue's turnover was 8.4 million euros (approx. $10.2 million). Net assets at that date were 2 million euros (approx. $2.4 million).
La Cornue ovens, like those of an Aga, use radiant heat. The French company has a small manufacturing site near Paris and has a dealer network in France and the U.S. It also has its own shops in London, Paris and Milan.
With Aga and Rangemaster growing rapidly in the UK and expanding overseas, Aga says La Cornue brings product synergies and provides further market development opportunities.
"La Cornue is an internationally renowned brand," William McGrath, Aga chief executive said in a statement. "With our manufacturing support and linking with our established professional stainless steel ranges, we expect it to grow rapidly as Aga and Rangemaster now are."
Xavier Dupuy, La Cornue's managing director and grandson of the company's founder, added: "Under the Aga umbrella, La Cornue can be introduced to a wider international customer base appreciative of the style and cooking quality that my grandfather first made famous."
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