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International DIY News

Nobia to sell French kitchens business Hygena

Pan-European kitchens group Nobia - which owns the retail chain Magnet in the UK - is planning to sell its French kitchens business Hygena.

The Sweden based group says it has received a €20m offer for the business from Fournier, a French manufacturer that produces under the brands Mobalpa, Perene and SoCoo’c.

Nobia will now enter into a consultation period with Hygena staff ahead of its expected conclusion in the fourth quarter of this year. The offer from Fournier is on a cash and debt free basis.

In 2013, Hygena had sales of €142m but it lost €12.6m at the operating line. Its sales would negatively impact Nobia profits by SEK 500m, about £43m, primarily attributable to goodwill impairment and deferred tax assets, which will be reported as restructuring costs.

Source : TheFurnishingReport.com
www.thefurnishingreport.com

29 September 2014

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