De' Longhi to acquire Nokia facility in Romania
The transaction is expected to be finalized during the first quarter of 2012 and the parties have agreed to keep the terms confidential.
De' Longhi plans to make the facility a key part of its development strategy, aimed at supporting its fast-growing international presence. The facility will also enable De' Longhi to adapt and diversify its production network so as to partly rebalance its manufacturing structure from the Far East to Europe, where De' Longhi already operates a plant in Italy.
After announcing its plans in September 2011 to end manufacturing in Cluj and focus feature phone production in locations closest to suppliers and key markets, Nokia has been active in seeking potential buyers for the facility in close consultation with the relevant authorities in Romania.
Robert Andersson, senior vice president at Nokia, who led the discussions, said: "As we assessed the interest in our facility, Nokia was determined to find a major investor with clear plans for growth and committed to creating jobs here in the immediate future. De' Longhi was the ideal candidate in both respects and we are really pleased to have been able to secure the future of the facility so quickly."
Since ending production in Cluj in November 2011, Nokia has continued to support impacted employees with a number of proactive measures, including financial support and assistance with retraining and job search.
About De' Longhi
De' Longhi is a leading global player in the household appliances business, notably in coffee machines, kitchen products, home care and comfort. The group has a turnover of around €1.4 billion and is listed on the Milan Stock Exchange. Its distinctive brands (De' Longhi and Kenwood) are renowned worldwide as an icon of quality, design and innovation; its products are conceived to make everyday life a better experience.
For more information: http://www.delonghi.com
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