New Zealand’s biggest appliance maker Fisher and Paykel Appliances said today it acquired United States manufacturer and distributor of premium cooking appliances, Dynamic Cooking Systems.
“DCS is considered one of the leading brands of high-end indoor and outdoor cooking appliances in the United States,” managing director John Bongard said.
DCS had been acquired from a private equity investor and the original founders of the business.
Fisher & Paykel said it was paying $US33 million ($NZ49.3 million) for the company and expected to invest a further $US9.7 million in new manufacturing plant and equipment and $US12 million in working capital through to December 2005.
Shares in Fisher & Paykel Appliances closed on Friday at $4.03, having traded between $3.60 and $4.92 over the past 12 months.
From stuff.co.nz
