Swiss company Franke has signed an agreement to purchase all the remaining shares of Finfaber S.p.A, the holding company of appliance maker Faber Group in Fabriano, Italy.
According to a statement from Faber, the acquisition will significantly strengthen Franke's Kitchen Systems business by the addition of high-quality extractor hoods. Franke had already acquired a 49-percent stake in the Faber Group in August 2004.
The Faber Group is considered a global leader in extractor hoods and cookers. In 2004, the company generated consolidated sales worth more than CHF 300 million (approx. U.S. $240.5 million) and has some 1,500 employees in 14 companies around the world (11 production plants and a further 5 distribution companies). Manufacturing facilities are located in Italy, Turkey, Spain, France, Sweden, Russia, India, China, and Argentina.
Faber said it looks on this integration as an important step towards further growth on international markets, profiting by the multiple synergies of the two groups. The Faber Group will be integrated into the Franke Kitchen Systems Division.
The Franke Group, whose holding company is domiciled in Aarburg, Switzerland, has 73 subsidiaries in 37 countries. The company's two divisions -- Franke Kitchen Systems (sinks, taps, cooking hobs, ovens, hoods, etc. and washroom and sanitary systems) and Franke Foodservice Systems (products and services for quick-service restaurants) – export products to more than 100 countries. The activities of Franke also include Franke Coffee Systems. In the financial year 2004, Franke generated consolidated sales of CHF 1,628 million (approx. $1.3 billion).
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