(AGI) - Milan, Sept. 15 - "For these kind of acquisitions and the other ones we're planning in the Eastern countries our profits will be enough. However, should we need to seize a relevant opportunity with a huge economic commtiment, we're ready to revise our position and consider to go public."
That's what the president and the managing director of the Candy Group, Aldo Fumagalli, answered to journalists during the roadshow for the 15 mln euro acquisition of Vyatka, the factory producing the automatic washing machine most popular in Russia. "Today - Fumagalli said - sell 22pct of our products in the Eastern countries, as the productive decentralisation accounts for 18pct.
We aim at equilising this situation and we want to do that by purchaising local concerns, especially in those countries where our sales are more modest, as this would favour a more rapid expansion. However, we want to expand especially in Russia, ready to become the first European market for electrical appliances." Currently, 90pct of the households in the former Soviet Union has a washing machine, however less than 30pct has an automatic one. According to Candy manager, therefore, the perspective is to produce 250 pieces per year in a country where the demand is expected to rise to 3.6 mln washing machines per year (AGI).
From AGI Online