Algerian industrial group leads FagorBrandt bids
Algerian industrial group Cevital is leading bids to purchase FagorBrandt
Algerian industrial group, Cevital is leading bids to purchase the parent company of De Dietrich Kitchen Appliances, FagorBrandt. It follows the announcement FagorBrandt has started production in France.
The Cevital Group will retain the factories in Orleans and Vendome and the commerical offices in Paris, securing 1200 jobs and maintaining the ongoing supply. However, it will not acquire sites at Vendee la Roche and Aizenay and will move production out of these factories.
In addition, the Cevital Group will take ownership of Fagor Brandt subsiduaries in Switzerland, Singapore and the UK.
Founder and CEO of Cevital, Issad Rebrab started the business in 1971 by purchasing a stake in a steel construction company with four employees. Today, the group employs around 13,000 people and has a presence in the food, motor, glass and appliance sectors.
Rebrab was the first Algerian to enter the Forbes 500 ranking of billionaires and his fortune is estimated at $3.2billion.
In addition, offers have been made by Variance Technology, a French industrial group, to retain the Vendee la Roche and Aizenay sites. A further bid has been made by Selni, a home appliance component manufacturer, which will retain the factory at Vendee La Roche sur Yon.
These two bids would secure 200 jobs and are conditional to agreement with the buyer of the rest of the group.