Looking to strengthen its position in the tap market, Franke Group has successfully acquired Chinese steel taps and accessories supplier Nokite for an undisclosed sum.
Nokite EcoSmart Water Heating Systems is around 20 years old, and was previously owned by KWC Group, but Franke has now acquired 100% of the shares in the business. It is considered to be the first producer of stainless steel taps in China, and the business employs approximately 150 people.
Going forward, Nokite will now help support Franke’s focus on kitchen solutions, therefore strengthening its global presence and product portfolio.
Franke also says that Nokite’s expertise will be particularly valuable in light of the regulatory trend for eliminating lead, which the business believes will help to accelerate the growth of the stainless steel tap market.
Barbara Borra, CEO and president of Franke Home Solutions, commented: “Nokite’s engineering capabilities are crucial to enhance our product offering. Their expertise in multifunctional taps aligns well with our strategic attention to the growing water treatment and purification market, driving further our commitment to high quality, intelligent kitchen solutions.”
The news comes just months after Franke Group acquired Swiss extractor hood brand WESCO Group, as it looks to strengthen its market position in Switzerland and Germany.
Earlier this year, kbbreview spoke to Borra about her assessment of the current market, where she explained her belief that “pessimism is a self-fulfilling prophecy” in business.
