Swiss bathroom equipment manufacturer Geberit wants to buy Finnish sanitaryware manufacturer Sanitec, parent company of Twyford Bathrooms and Karamag Designs.
The offer, for CHF 1.29billion, will take effect on November 14 2014.
Should the acquisition go through, it will be completely financed by Geberit using its own funds, as well as by new debt to be taken on.
Geberit CEO and Chairman Albert M. Baehny said: “This transaction will make us the leader in the sanitary products industry and expand the addressable market for Geberit. We will strengthen our access to end consumers and our presence in showrooms.
“The transaction is a promising union of leading brands in the areas of sanitary technology and bathroom ceramics. The outstanding reputation of both companies for product quality and reliability, service and innovation combined with strong brands make this combination a perfect match.”
Sanitec has net sales of EUR 702million in 2013, with an EBIT margin of 9.7% and employs 6,200 employees worldwide, across 18 production facilities and 24 sales offices. It owns 14 brands.