By Patrick Avenell
SYDNEY, NSW: Hagemeyer will retain the distribution of the Smeg brand for the remainder of 2010, with Smeg Italy to assume control on 3 January 2011. This news comes a day after Hagemeyer CEO Mark Bilton revealed that Hagemeyer was selling the brand back to the Italians after 13 years of exclusive management.
In a communiqué received by Current.com.au this morning, Bilton wrote that the transferral of distribution is currently subject to due diligence and that he expects a smooth transition.
“Its completion is expected on 3 January 2011,” wrote Bilton. “Both parties are committed to a smooth transition, continuity of supply and minimal disruption to the market. As such, the parties have agreed to continue current operations within Hagemeyer until 31 December 2010, after which the business will transfer to Smeg S.p.A.”