Franke accquires stake in Duravit
Both companies will develop a series of products for the bathroom and kitchen
Franke Group has acquired a 25% stake in Duravit, the German manufacturer that specialises in designer bathrooms and "wellbeing systems".
The previous minority shareholder of Duravit, Roca Corporación Empresarial SA, sold its stake last December, which was a prerequisite for the investment from Franke. Subject to approval by the antitrust agencies, Franke will acquire the previously held shares.
The Supervisory Board chairman of Duravit, Gregor Greinert says: “We thank Roca for the excellent, always fair and constructive cooperation over the last two decades. We positively look into the future, which we intend to shape with Franke.”
Duravit CEO Dr. Frank Richter said: “We see a lot of advantages for both parties. 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.”
Alexander Zschokke, CEO of Franke Group, 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. Together we will set new standards in the bathroom and kitchen sector and experience a major upswing in growth.”