By James Wells
Delaware, USA: French small appliance manufacturer, Groupe Seb – the owner of the Tefal, Krups and Moulinex brands, has purchased the assets of cookware company Mirro WearEver for $US36.5 million.
Groupe Seb said the US Bankruptcy Court in Wilmington, Delaware approved its acquisition of the assets of the company which was a subsidiary of Global Home Products.
Mirro WearEver, through its trademarks Mirro in the entry price range and WearEver and Air Bake in the mid price range, generated cookware and bakeware sales of approximately $120 million in 2005.
According to the company, the transaction will reinforce its presence in the cookware market complementing its All-Clad presence in the premium price range and its Tefal brand in the mid price range, which is marketed in North America as T-Fal.
“This acquisition reflects the capacity of the Group to seize strategic opportunities when they arise. It allows us to pursue our international development and to consolidate our presence in the cookware market, where Groupe Seb now becomes an undisputed leader,” said Groupe Seb chairman and CEO, Thierry de La Tour d’Artaise.
In Australia, Groupe Seb uses its non-electrical cookware brands, particularly the Tefal branded products, to complement its sales of electrical products.
According to Groupe Seb Australia managing director, Wivina Chaneliere, the local subsidiary found out about the acquisition earlier this morning from an internal communication.
“I’m not yet sure how this will affect us here in Australia, and whether we will launch the brand locally, but it will definitely reinforce our presence worldwide in cookware where we are already world leader,” Chaneliere told Current.com.au.
The transaction is expected to be completed by 18 August.