Fiskars Corporation Press Release September 16, 2016 at 8:30 EET
Fiskars divests two businesses to focus on global core brands
Fiskars has sold Spring USA, the U.S. based provider of foodservice equipment, to an affiliate of ShoreView Industries.
In addition, as announced on September 13, 2016, Fiskars Corporation has entered into an agreement to divest its European Ebertsankey plastics pottery business to Good(s)Factory BV, a member of the Elho Group, European market leader in synthetic pottery and related products.
“Fiskars Group continuously simplifies structures and increases focus on selected businesses and brands. As part of this strategy, the company has agreed to sell these two businesses, further strengthening Fiskars’ position to continue to focus on world leading consumer brands, including Fiskars, Iittala, Gerber, Royal Copenhagen, Waterford, and Wedgwood”, said Kari Kauniskangas, President and CEO, Fiskars Corporation.
In the full year 2015, the net sales of Spring USA and Ebertsankey were in the aggregate EUR 26 million and operating profit EUR 3 million.
The divestments will generate a positive effect on cash flow in the second half of 2016, however they are not expected to have a significant impact on Fiskars Corporation’s financial position or results during 2016.
Spring USA
Fiskars acquired its ownership in Spring USA through the acquisition of WWRD group of companies in July 2015. Spring USA designs and provides foodservice equipment for the hospitality sector, including buffet systems, cooking stations and heat lamps. Spring USA has been majority owned by Fiskars Corporation (60%) with local management as the minority shareholder. Spring USA has been reported as part of the Americas segment.
Ebertsankey
Ebertsankey, currently based in Germany, operates on a pan-European scale, excelling in grow-it-yourself as well as indoor and outdoor garden containers. Elho Group is a family-owned company with over 50 years of experience in making synthetic pottery and related products, and well positioned to further invest in Ebertsankey to bring value to customers and consumers. It is the intention of Fiskars Corporation and Elho Group to complete the transaction and transfer the business before the end of the year 2016. Ebertsankey has been reported as part of the Europe & Asia-Pacific segment. Media and analyst contacts: Fiskars Corporation, Maija Taimi, Head of Corporate Communications and Corporate Responsibility, tel. +358 204 39 5031, communications@fiskars.com
Fiskars – celebrating centuries of pride, passion and design. Every day. Established in 1649 as an ironworks in a small Finnish village, Fiskars has grown to be a leading consumer goods company with globally recognized brands including Fiskars, Iittala, Gerber, Royal Copenhagen, Wedgwood, and Waterford. With iconic products, strong brands and global ambitions, Fiskars’ mission is to enrich people’s lives in home, garden and outdoor. Fiskars’ products are available in more than 100 countries and the company employs around 8,700 people in 30 countries. Fiskars is listed on Nasdaq Helsinki. www.fiskarsgroup.com
