Appliance giant Electrolux has agreed to acquire European kitchen cooker hoods manufacturer Best.
Electrolux said the acquisition would enable it to develop a fully comprehensive offering of built-in cooking solutions, as well as support long-term profitable growth in the region.
Best is currently owned by North American ventilation manufacturer and distributor Broan-NuTone.
The company will continue to design, manufacture and market the Best brand of kitchen ventilation products in North America.
Dan Arler, head of Electrolux major appliances Europe, Middle East and Africa, said: “The acquisition of Best is a perfect strategic match to reinforce Electrolux’s capabilities for design, research and development, and manufacturing of kitchen hoods, which is a key aspect in offering consumers a simply outstanding cooking experience.”
The acquisition is subject to regulatory approvals and is expected to be completed during the third quarter of 2017.
For the time being, kbbreview understands it will be business as usual, and that Britannia Living, part of Glen Dimplex Consumer Appliances, will continue as exclusive UK distributor for Best.
In 2016, Best saw net sales of €42 million (£37m) and has 450 employees in its manufacturing sites in central Italy and southern Poland.