FOR IMMEDIATE RELEASE
FISHER & PAYKEL ACQUIRES ITALIAN
COOKING COMPANY ELBA
June 15, 2006
Fisher & Paykel Appliances has acquired Elba Spa
(“Elba”) from De Longhi Spa Italy, for approximately
$98 million. Elba manufactures and distributes cookware
products including freestanding cookers, built-in ovens
and cooktops to over 54 countries worldwide. Brands acquired
include Elba (100% owned), De Longhi and Kenwood (both
20 year licences).
The manufacturing facilities are located in Basso Del
Grappa, near Treviso in Northern Italy. Current output
is 390,000 units with sales of $84.3 million.
Elba's management team will continue to operate the
business with support from Fisher & Paykel Appliances.
Stuart Broadhurst has been appointed as Chief Operating
Officer – Europe, reporting directly to CEO and
Managing Director Fisher & Paykel Appliances, John
Bongard. Stuart will be responsible for Fisher & Paykel
Appliances and Elba manufacturing and sales Europe wide.
Following our success in the USA, continued growth in
the International market place is a core strategy. Europe
has been identified as the next area of focus for expansion.
Cookware is an essential part of providing a comprehensive
European product range. Elba delivers a high quality
European cooking offering, a flexible manufacturing plant
with surplus capacity and a wide customer base in which
to increase distribution of Fisher & Paykel product.
Ownership is effective immediately. A team from New
Zealand will be working with the Elba management from
next week to begin the process of accessing Elba manufactured
product. We envisage USA product to come on-stream as
early as October this year.
This is an exciting prospect for Fisher & Paykel Appliances to access
a broader range of cooking products that we intend to market under the
Fisher & Paykel brand. We firmly believe that this broader offering
will provide our retail supporters with further opportunities in the
market place.
Press contact:
Scott Davies
949-790-8900
scott.davies@fisherpaykel.com
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