Nobia completes acquisition of EWE-FM

The Austrian and German competition authorities have unconditionally approved Nobia's acquisition of Austria's leading kitchen manufacturer, EWE-FM.

 

Nobia strengthens its foothold in the Austrian and Continental European kitchen market through this acquisition.

 

EWE-FM's sales are around SEK 575 million and its Austrian market share is about 16 per cent. Around 75 per cent of EWE-FM's sales are in Austria and the remaining 25 per cent are in southern Germany, northern Italy, Switzerland and the CEE countries.

EWE-FM is the leading kitchen manufacturer in the Austrian middle to upper kitchen segment.

 

The acquisition will have a positive impact on Nobia's EPS from year one. The integration of EWE-FM into the Nobia Group is expected to produce synergy effects.

 

The main strategic attraction of the acquisition is that EWE-FM will strengthen Nobia's presence in Europe and provide a strong market position in Austria. Acquiring EWE-FM also gives Nobia a good chance to capitalise on the strong growth prospects in the Czech Republic, Slovakia, Hungary and Slovenia.

 

"We are very pleased that the authorities in Austria and Germany have approved the acquisition of EWE-FM. The company will fit seamlessly into the Nobia Group, and will give us  a strong position in the Alpine region and a platform for expanding our presence in Eastern Europe", says Fredrik Cappelen, Nobia's President and CEO. 

Nobia AB

27 December 2004