At its annual press conference in Bilbao, Spain, Fagorelectrodomesticos Group (the parent company of UK subsidiary, FagorBrandt UK) presented its financial results for 2006, announcing profits of €12 million.
The company has consolidated its position as fifth largest manufacturer of household appliances in Europe, maintaining its premier positions in both France and Spain.
Turnover for the company was €1,728.7 million, a 15 per cent increase on results for 2005, fulfilling the company’s expectations for year one of its three year strategy, as laid out in 2006.
Also highlighted by Txema Gisasola, general director of Fagor Electrodomesticos Group, was the amount invested in new technology and resources for the group, comprising €130 million in 2006 alone.
Mr Gisasola also commented on the importance of the company’s brand planning, where Fagor and De Dietrich are now positioned as the group’s global flagships, and he announced a further €44 million investment in “˜innovation’ for the brands. He also stated that the De Dietrich brand will be further developed in Germany, the UK and Italy. Mr Iosu Ugarte, managing director of FagorBrandt, who is responsible for the activities of all European subsidiaries, made specific reference to the UK. He said: “We combined two separate companies in 2005; Fagor, and Brandt UK [home of De Dietrich] and the merger has been a success. I am very positive about what David Cohen-Skalli and his team led by Richard Walker have done in such a short time and we have seen sales increases for both brands.
“The UK is a vital aspect of the future European investment for the premium De Dietrich brand, as it is a strong market for us already. We are also developing distribution for Fagor and I am expecting great results for 2007.”
Press release from ERT Weekly