Franke Group has acquired a 25% share in German bathroom manufacturer Duravit.
Duravit said this lays the foundation for a “strategic partnership” in the bathroom and kitchen market, as well as providing an opportunity for further expansion in their respective markets.
Roca Corporación Empresarial, the previous minority shareholder, sold its stake in Duravit on December 31 2015.
The supervisory board chairman of Duravit, Gregor Greinert, said: “We thank Roca for their excellent, always fair and constructive cooperation over the past two decades. We positively look to the future, which we intend to shape with Franke.”
Duravit chief executive Dr Frank Richter commented: “We see a lot of advantages on both sides. Together, we can realise additional national and international growth potentials in the bathroom and kitchen sector, both in the showroom as well as in the project-related business.”
Alexander Zschokke (pictured), chief executive of Franke, added: “Partnering with Duravit is an important milestone in the strategic development of the Franke Group. Both companies have excellent expertise, more than 100 years of experience and a high level of design competence. Not only is Duravit a strong development partner for Franke, the corporate cultures match too – entrepreneurship is top priority for both companies. Together we will set new standards in the bathroom and kitchen sector and experience a major upswing in growth.”