Mirro WearEver, through its trademarks Mirro in the entry price range and WearEver and Air Bake in the mid price range, generated cookware and bakeware sales of approximately $120 million in 2005. Mirro WearEver manufactures in a factory in Nuevo Laredo, Mexico, as well as outsources products. Mirro WearEver currently sells its products through mass retail distribution channels in the United States.
The scope of the acquisition includes all inventories, trade receivables, equipment in Nuevo Laredo, and trademarks.
This transaction fits in Groupe SEB's strategy to reinforce its presence in the American cookware market, complementing its All-Clad presence in the premium price range and its T-Fa1 brand in the mid price range. Additionally, these new trademarks will reinforce the Group's presence in all distribution channels within the United States.
The acquisition of Mirro WearEver will be financed through debt and is expected to have a positive impact on Groupe SEB earnings in 2007. The transaction should be completed by August 18th and integrated into Groupe SEB's financials as of this date.
Regarding the acquisition, Thierry de La Tour d'Artaise, Groupe SEB's Chairman and CEO commented, "This acquisition reflects the capacity of the Group to seize strategic opportunities when they arise. It allows us to pursue our international development and to consolidate our presence in the American cookware market, where Groupe SEB now becomes an undisputed leader."
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