Acquisition
August 02 2004 - 3:32AM
UK Regulatory
RNS Number:4882B
AGA Foodservice Group PLC
02 August 2004
2nd August 2004
FOR IMMEDIATE RELEASE
AGA ACQUIRES PRESTIGIOUS
FRENCH RANGE COOKER COMPANY, LA CORNUE
Aga Foodservice Group plc ("Aga"), known for its kitchen equipment, announced
today that it has acquired La Cornue, the prestigious French range cooker
business from its US parent company, the engineering group Nortek Inc.
The cash consideration of Euros 5.1 million will be financed from existing cash
resources. In the year ended 31st December 2003 La Cornue's turnover was Euros
8.4 million. Net assets at that date were Euros 2 million.
La Cornue ovens, like those of an Aga, use radiant heat to cook and have been
coveted by France's leading chefs for over 90 years. La Cornue has a small
manufacturing site near Paris and has a dealer network in France and the USA. It
has its own shops in London, Paris and Milan.
With Aga and Rangemaster growing rapidly in the UK and expanding overseas, La
Cornue underlines the Group's position as a world force in premium range
cooking. It brings product synergies and provides further market development
opportunities.
"La Cornue is an internationally renowned brand. With our manufacturing support
and linking with our established professional stainless steel ranges, we expect
it to grow rapidly as Aga and Rangemaster now are", says William McGrath, Chief
Executive.
Xavier Dupuy, La Cornue's Managing Director and grandson of the founder, says:
"Under the Aga umbrella, La Cornue can be introduced to a wider international
customer base appreciative of the style and cooking quality that my grandfather
first made famous."
(-ENDS-)
Enquiries:
William McGrath, Chief Executive, Aga Foodservice Group plc 0121 711 6015
Simon Sporborg, Brunswick Group 020 7404 5959
Notes to Editors:
La Cornue was founded in 1908 by Albert Dupuy and is now run by his grandson,
Xavier Dupuy. The domed oven of La Cornue, like Aga, uses radiant heat to cook.
The price of a La Cornue range cooker starts at Euros 10,000. Many of France's
top rated chefs have a La Cornue at home including Alain Passard. La Cornue
owners include Brad Pitt, Sandra Bullock, Celine Dion, Robin Williams and
Presidents Jacques Chirac and Valery Giscard D'Estaing and Silvio Berlusconi.
Further information on La Cornue can be found on their website at
www.la-cornue.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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