Fiskars streamlines business
Fiskars divests two businesses, including Spring USA and Ebertsankey plastics pottery business, to focus on global core brands
Fiskars has sold Spring USA, the US-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”, says 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.
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, 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.