The Franke Group has acquires an interest of 25 percent in Duravit AG, Germany. Both companies say they plan to mutually develop innovative product collections for the bathroom and kitchen area, under their respective brands. They intend to set new lifestyle trends to improve the quality of life in the bathroom and the kitchen.
Franke and Duravit have a complementary product portfolio. Both companies have an international focus, are strong brands focusing on outstanding design, high quality and intelligent functionality. The previous minority shareholder of Duravit, Roca Corporación Empresarial SA, sold its stake in December 2015, which was a prerequisite for the investment of Franke.
The Supervisory Board Chairman of Duravit, Gregor Greinert, summarizes the partnership of more than 20 years: “We thank Roca for the excellent, always fair and constructive cooperation over the last two decades. We positively look to the future, which we intend to shape with Franke.”
Duravit’s CEO Dr. Frank Richter said he sees the positive effects of the partnership: “We see a lot of advantages on both sides,” said Dr Richter. ”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 (Contract sector) business.”
Alexander Zschokke, CEO of Franke Group, said: “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.”
Picture shows: Alexander Zschokke, CEO of Franke Group (left), and Duravit’s CEO Dr. Frank Richter.