Groupe SEB Acquisition in the United States.MILLVILLE, N.J. -- Groupe SEB Groupe SEB (Société d'Emboutissage de Bourgogne) is a large French consortium that produces small appliances. Notable brand names associated with Groupe SEB include Krups, Moulinex, Rowenta, and Tefal. announced today that the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. in Wilmington, Delaware Wilmington is the largest city in the state of Delaware and is located at the confluence of the Christina River and Brandywine Creek, near where the Christina flows into the Delaware River. approved its acquisition of certain assets of the American company Mirro WearEver, a subsidiary of Global Home Products, for approximately $36.5 million. Mirro WearEver, through its trademarks Mirro in the entry price range and WearEver and Air Bake in the mid price range, generated cookware and bakeware
The scope of the acquisition includes all inventories, trade receivables, equipment in Nuevo Laredo, and trademarks. This transaction fits in Groupe SEB's strategy to reinforce its presence in the American cookware market, complementing its All-Clad presence in the premium price range and its T-Fa1 brand in the mid price range. Additionally, these new trademarks will reinforce the Group's presence in all distribution channels within the United States. The acquisition of Mirro WearEver will be financed through debt and is expected to have a positive impact on Groupe SEB earnings in 2007. The transaction should be completed by August 18th and integrated into Groupe SEB's financials as of this date. Regarding the acquisition, Thierry de La Tour d'Artaise, Groupe SEB's Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. commented, "This acquisition reflects the capacity of the Group to seize strategic opportunities when they arise. It allows us to pursue our international development and to consolidate our presence in the American cookware market, where Groupe SEB now becomes an undisputed leader." For more information, please contact Claire Burke of Hunter Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most at (212) 679.6600, ext. 238 or via email at cburke@hunterpr.com. |
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