Weinheim, July 28, 2016.
The global technology group Freudenberg is further expanding its Household
Products Business Area. Freudenberg Home and Cleaning Solutions is in the
process of acquiring Gimi S.p.A. of Monselice, Italy. Gimi is the market leader
in Italy for laundry care products, especially ironing boards and laundry
dryers, and has a strong position throughout Europe. In 2015, the company’s
revenue was about €80 million. Gimi currently has about 320 employees. The
transaction is subject to the approval of the relevant authorities and is due
to be completed in the third quarter of this year.
"Through this acquisition, we are continuing the growth strategy of Freudenberg Home and Cleaning Solutions," says Dr. Mohsen Sohi, CEO of the Freudenberg Group. "The wide range of Gimi products in our core area of laundry care will strengthen one of the mainstays of our overall household product range."
The company was established in 1970 and has operated internationally for decades – it is currently active in more than 80 countries. "Thanks to its innovative power and technological competence, this company is an ideal partner," Dr. Klaus Peter Meier, CEO of Freudenberg Home and Cleaning Solutions, explains. "Through this acquisition, we will be creating significant added value for our customers and will be able to offer an even better, more innovative range to consumers."
In addition, the acquisition offers growth prospects outside Europe. In Russia and India, Gimi can look back on many years of market presence and experience in laundry care.
Freudenberg Home and Cleaning Solutions, a company with well-known brands and a wide retail market distribution throughout Europe, is acquiring in Gimi a company that counts flexible and highly advanced production processes among its strengths.
"The two product portfolios will complement each other in an outstanding way. Thanks to a broad and innovative product offering, we will achieve an excellent market position in this segment", says Meier. "As a company with a long-term orientation and a high degree of professionalism, Gimi also has a values-based corporate culture – which lays a firm foundation for joint success." The strong core brands Vileda and GIMI offer a variety of cross-selling potentials.
Claudio Rosso, CEO of Gimi S.p.A. says: "The excellent market position of Freudenberg Home and Cleaning Solutions, with its strong brands and its dedicated innovation culture, opens many opportunities to further optimize the already broad offering in Gimi laundry care solutions." Gimi is currently owned by private equity funds managed by Aksìa Group and Alcedo.
Monselice is to be developed as the competence center for laundry care within Freudenberg Home and Cleaning Solutions. The Business Group intends to make further investments in laundry care and production locations.