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Algerian conglomerate, Cevital Group has now acquired Fagor Brandt (France), owner of De Dietrich Kitchen Appliance, for an undisclosed sum, and it will now be called the Brandt Group.
The acquisition plans, which include the purchase of factories, patents, technologies and the worldwide rights to De Dietrich, will see Cevital invest 200million Euro.
Sales and marketing manager of De Dietrich Kitchen Appliances, Richard Walker explained: "Cevital is looking to make further acquisititions within the global Fagor Brandt group of companies."
He also explained the investment would be used to bolster stock levels "which is our number one priority" and added "there is investment now in terms of long-term development" for De Dietrich.
After seven months of uncertainty for the brand, Walker stated:"The global acquisition of the De Dietrich brand by Cevital is a key milestone in what has been a long and very complicated process, which will secure its future in the UK."
He exclaimed trade reaction to the news had been postitive and that De Dietrich " is a brand in demand".