Fiskars is to acquire Scandinavian homewares design company Iittala Group from private equity company ABN AMRO Capital, the company’s management and other private shareholders.
The 230m Euro deal, which will be signed at the end of next month, will see Fiskars increase its brand portfolio with some of the most prestigious brands in Finland, Sweden and Norway, including Arabia, Hackman, Hoyang-Polaris, Rorstrand, Hoganas Keramik and BodaNova, as well as Iittala.
Iittala Group will form a new European operation within Fiskars Corporation, alongside Fiskars Brands. The aim is to consolidate certain parts of the housewares division of Fiskars Brands into Iittala Group where the market areas are shared.
Iittala Group’s net sales last year were 190m Euros, while Fiskars Brands’ were 490m Euros. The housewares division represented 9% of Fiskars Brands’ sales.