Poggenpohl purchased by Chinese firm Jomoo
German subsidiary of Chinese group to take over world's oldest kitchen brand, after widely reported deal with Lux Group called off
Jomoo Germany, a subsidiary of the Chinese Jomoo Group, is taking over the brand, based in North Rhine-Westphalia's 'Kitchen Mile' area.
The contract with Jomoo for a transferred restructuring was notarised on 10 July 2020; it was agreed not to disclose the purchase price. The recently reported purchase by the Lux Group has fallen through for undisclosed reasons, allowing Jomoo to make a successful last-minute bid.
In a statement, Poggenpohl stated: 'Until the contract takes effect – several conditions precedent are expected to be fulfilled in the next few weeks – the insolvency administrator Manuel Sack will continue Poggenpohl’s business for the buyer.'
The owner-managed Jomoo Group, leader in its home market for sanitary fittings, ceramics and kitchens, says it is committed to retaining Poggenpohl’s production site in Herford and keeping on a large part of the company’s workforce.
'During the M&A process, we have already been involved in intensive talks with Jomoo and thus promptly found an investor for the kitchen pioneer,' said Poggenpohl insolvency administrator Manuel Sack, from law firm Brinkmann & Partner. 'Poggenpohl has stood for kitchens with the highest technical standards for over 125 years. The employees have the know-how and are ready to further develop the premium brand for the demands of the 21st century.'
Poggenpohl CEO Gernot Mang, who will continue to head the company under the new deal, said: 'Together with Jomoo, we will expand the international project business. Interesting synergies between the kitchen and bathroom segments will become possible, because in future we will be able to offer project developers a one-stop design for both rooms.
'Poggenpohl is thus making an advance beyond the kitchen into the extended living space. In future, we will push even further into the luxury kitchen segment and, to this end, increase the quantities of our kitchens produced in Herford. The specialist trade plays a key role for the premium brand Poggenpohl.'
Xiaowei Lin, General Manager of Jomoo Germany said in a statement: 'As a critical part of Jomoo’s long term sustainable market and product strategy, we value the need to well cover the high end and premium market segment.
'We have seriously considered the opportunity to work with or acquire an established brand with high quality and design reputation for a while. Such brand should preferably have a long-standing history, well-known around the world and well respected with a reputation for craftsmanship and excellence.
'Poggenpohl meet such criteria and would nicely fit into Jomoo’s market strategy in expanding its kitchen ware and cabinet offering.'