German china takeover creates global reach for Sambonet
Jul 21, 2009, 16:14 GMT
Munich - An Italian tableware maker, Sambonet Paderno, said Tuesday its acquisition of a premium German chinaware brand, Rosenthal, would give it global reach.
In a deal financed by state loans, Sambonet Paderno acquired the bankrupt German porcelain company this week for an undisclosed sum, reportedly nearly 20 million euros (28 million dollars).
Sambonet chief executive Franco Coppo told Rosenthal staff in the Bavarian town of Selb their factories would remain in operation and he had never had any intention of shifting manufacturing to Italy.
Sambonet Paderno's main business is with cutlery, stainless-steel coffee pots and serving bowls for both homes and caterers, so a link to Rosenthal's table porcelain is seen as a good fit.
Coppo said, 'We mean to score globally.'
Rosenthal employs 1,000 people in Germany and 200 abroad. It shed 600 staff as it struggled to cut overheads.
High labour costs mean the western European tableware industry has struggled to keep up with Asian and eastern European makers. Another big group, Irish-based Waterford Wedgwood, went into receivership earlier this year.