Fagor, which belongs to the MCC "“the seventh largest business group in Spain- has reached an agreement to purchase 90 percent of the French household Appliance Company Brandt. The National Committee of Stock Market has confirmed the 162.5 million Euro investments.
Fagor owned 10 percent of shares of Brandt. The remaining 90 belonged to Elco Holland BV and Israeli Elco Holdings. The Basque Company has reached an agreement with both companies and has become the owner of Brandt. The unresolved agreement was signed yesterday.
Brandt group got purchases to the value of 813 million Euro in 2004, almost 40 percent in international business. 4,700 work in five industrial estates of France, one of Italy and five subsidiaries in UK, Italy, Switzerland and Singapore.
Fagor is the sixth group in Europe regarding invoicing and seventh in market share. 6,230 work in 10 industrial estates in three continents, and 14 subsidiaries in 82 countries. Besides, after purchasing Brandt, Fagor becomes the fifth European household appliance company with market share over 5.8 percent.