By Chris Nicholls
SYDNEY: Groupe SEB has finalised its purchase of a controlling share in Chinese small domestic appliance manufacturer Supor today, giving the French company a way to expand into the Chinese market.
The €217 million purchase gives Groupe SEB a 52.74 per cent stake in the company. The company already held a 30 per cent share of Supor prior to its partial public tender offer to purchase the 22.74 per cent on November 21 last year. The transaction leaves the founding family with a 36 per cent stake and the public 11 per cent.
In a statement, Groupe SEB said their financial position remained “comfortable”, despite nearly 75 per cent gearing as of December 31 2007.
“The management teams of Groupe SEB and SUPOR will now be in a position to focus on the cooperative projects with two major objectives: to pursue the development of the group in China, benefiting from the strong recognition of the SUPOR brand in this country, and to accelerate its expansion in the other Asian countries,” the statement said.
Supor shareholders will meet in January to elect a board of directors that reflects the new ownership structure.