Kitchen sink, tap and appliance manufacturer owns 25% of bathroom business
Swiss-based sink, tap and appliance manufacturer the Franke Group has acquired 25% of German bathroom manufacturer Duravit.
It follows the sale of a minority shareholding in the company, which was previously owned by Roca for more than 20 years, with Franke acquiring the shares.
Franke and Duravit plan to mutually develop collections for bathrooms and kitchens but under their respective brands, with plans for expansion across national and international markets, for retail and project work.
CEO of Duravit, Dr Frank Richter (pictured) commented on the partnership: “We see a lot of advantages on both sides. Together, we can realise additional national and international growth potentials in the bathroom and kitchen sector, both in the showroom as well as in the project-related business.”
Speaking about the decision to buy into Duravit, CEO of Franke Group Alexander Zschokke said: “Partnering with Duravit is an important milestone in the strategic development of the Franke Group. Both companies have excellent expertise, more than 100 years of experience and a high level of design competence.
“Not only is Duravit a strong development partner for Franke, the corporate cultures match too – entrepreneurship is top priority for both companies. Together we will set new standards in the bathroom and kitchen sector and experience a major upswing in growth.” Duravit generated sales of €432million in 2015, produces at 11 locations worldwide and has around 5,800 employees. Part of the Artemis Group, Franke employs approximately 9,000 people in 39 countries and generated a turnover of CHF 2.1billion.