BSH Bosch Und Siemens Hausgerate GmbH -BSH- Acquires US Corporation Thermador.MUNICH--(BUSINESS WIRE)--June 15, 1998--BSH Bosch und Siemens Hausgerate GmbH (BSH BSH Bosch und Siemens Hausgeräte GmbH (Germany) BSH Bausparkasse Schwaebisch Hall (German Building Society) BSH Bourne Shell BSH Bundesamt für Seeschiffahrt und Hydrographie ) will acquire 100% of the shares of the well established US cooking products specialist Thermador Corp. from its US parent MASCO MASCO Medical Academic and Scientific Community Organization, Inc. Corp. in Taylor, Mich. This acquisition represents another milestone in BSH's globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation strategy. Thermador Corp. manufactures a wide variety of high end cooking appliances (freestanding ranges, built-in cooktops and range hoods), as well as semi professional ranges. The Thermador brand, positioned in the high-end market segment, enjoys an excellent reputation as a design and innovation leader and has a US market share of 6% for built-in cooking appliances. Thermador sales for the '97 fiscal year were $115 million and '98 sales are expected to increase to $140 million. Thermador Corporation's headquarters are in Huntington Beach Huntington Beach, city (1990 pop. 181,519), Orange co., S Calif., on the Pacific coast, across from Santa Catalina Island, in an oil-producing area; inc. 1909. It manufactures aerospace vehicles, aircraft parts, optical instruments, and heat transfer equipment. , Calif., in the metropolitan Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. area. Last year, BSH Home Appliances, headquartered in Broadview, Ill., announced the production start up of its first US manufacturing facility located in New Bern New Bern, city (1990 pop. 17,363), seat of Craven co., E N.C., a port and trading center at the junction of the Neuse and Trent rivers; inc. 1723. There is lumbering and food processing, and textiles and clothing, pharmaceuticals, asphalt, metal and plastic products, , N.C. BSH Home Appliances is building dishwashers for the NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's markets. The production capacity for the first phase will reach 200,000 units annually. With its high-end cooking appliances, custom engineered to fully meet the expectations of the American high-end consumer, and its renowned brand and distribution channels, Thermador will be a welcome addition for BSH to achieve its strategic goals in the US market. With a market share of 34% (dollar sales) in major appliances, BSH is the undisputed market leader in Germany and enjoys a 20% market share in the same segment in Europe, ranking BSH among the top five corporations in the industry worldwide. In 1997, BSH reported consolidated sales of DM 9.6 billion with 32,000 associates employed worldwide. Profits before taxes amounted to DM 449 mil. With a return on equity after taxes of 17%. CONTACT: Burton Luch PR Ciara O'Sullivan 212/673-4600 |
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