Nobia to sell off Pronorm!
With Eurocucina just around the corner, some big kitchen industry news – In an official statement, Thursday, Feb. 25th, 2010, Nobia AB chief, Mr. Preben Bager announced that Nobia (the world’s largest manufacturer and seller of kitchens), sold the Pronorm brand and their 50% shares of Culinoma to the Dutch retailer Mandemakers. The price – 493 million SEK, the equivalent of just under 50 million Euro and a book value loss of 77 million SEK(!)
The announcement did not come as a total surprise – according to KBB Review, the Nobia Group’s sales for its 2009 financial year, which runs from January to December, came to SKr 15.4 billion (£1.36 billion), down 4% from the same period in 2008. Also, its loss after tax was SKr 79 million compared to a profit for 2008 of SKr 529 million – a 115% drop! The company blames this on the declining market demand, particularly in the Nordic region, and the cost of restructuring as it closed various factories
The other major brands of the Nobia Group include HTH and Invita in Denmark; Novart with the brands A la Carte, Petra and Parma in Finland; Norema and Sidgal in Norway; Marbodal and Myresjokok in Sweden; Optifit, and Poggenpohl in Continental European countries.