During key wine promotion.
Electrolux Home Products has confirmed its acquisition of the Vintec wine cabinet business during a key annual promotion.
In a statement obtained by Appliance Retailer, the acquisition of the business which turns over $22 million annually has proceeded based on the scheduled timetable advised when the deal was announced in late June.
“The novation of all contracts for the acquisition by Electrolux of Vintec was completed [last] week,” an Electrolux spokesperson told Appliance Retailer.
“As previously announced, Jean-Marie and Leonie Simart (pictured) will continue to head up the Vintec business which will be integrated into Electrolux operations over a-yet-to-be specified time.”
Electrolux believes it will “see no interruptions to the existing business arrangements” and will not be “announcing any new appointments at this time” as the company prepares to “formally move ahead with its Vintec plans”.
Electrolux Home Products CEO Mike Putt told Appliance Retailer: “We’re delighted to now have Vintec formally aboard and we look forward to growing this exciting business in the months and years ahead.”
The Vintec acquisition has taken place during a key promotional period for the wine cabinet brand with the third year of the company’s joint venture with Treasury Wine Estates which runs until 31 August.
The promotion, which is in its third consecutive year, allows consumers to purchase discounted Vintec wine cabinets after spending a certain amount on Treasury Wine Estates wine brands included in the promotion – Penfolds, St Huberts, Georg Jensen, Devils Lair and Coldstream Hills.
This year consumers who spend $350 on participating wines are eligible to purchase a 30-bottle dual-zone, Vintec cabinet for $450, the cabinet has a $1100 RRP. Also anyone spending $500 or more on participating wines can purchase the 110-bottle cabinet for $1500; this cabinet has a $3000 RRP – a 110-bottle cabinet and a 30-bottle cabinet.