Conair Corporation To Be Acquired By American Securities

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Conair Corporation, a global leader in premium kitchen electric appliances, non-electric kitchenware, personal care, grooming, health and beauty products, and American Securities LLC, a leading U.S. private equity firm, announced today that Conair has entered into a definitive agreement to be acquired by affiliates of American Securities.  Financial terms of the transaction were not disclosed.  Certain members of the Rizzuto family will retain a minority ownership in Conair.

Based in Stamford, CT, Conair’s iconic brands include Cuisinart®, Conair®, Babyliss®, Scunci® and Waring®.  Founded in 1959 by Leandro Rizzuto, the Company started as a small hair appliance company.  Today, Conair sells its products in more than 120 countries across six continents.  

“I am proud to continue the journey I started under Mr. Rizzuto more than 40 years ago that helped us grow our iconic brands into a world class, diversified global company proudly sharing our products in millions of consumers’ homes,” said Ron Diamond, Conair’s President.  “The partnership with American Securities will allow us to continue our evolution with a focus on new product development and an acceleration of our M&A activities while continuing to bring efficiencies to our operations.”  Following the consummation of the transaction, Mr. Diamond will become President and CEO of Conair. 

“We are excited to partner with Ron and the rest of the Conair management team as they continue to execute on a strategy to expand on the exceptional brand portfolio that consumers love all over the world,” commented Kevin Penn, a Managing Director of American Securities.  “The Company’s scale, best-in-class product offering, supply chain capabilities, and strong management team creates a sustainable competitive advantage and makes Conair a strong fit for our investment strategy,” added Helen Chiang, a Managing Director of American Securities. 

Paul, Weiss, Rifkind, Wharton and Garrison, LLP served as legal counsel to Conair and Weil, Gotshal & Manges LLP served as legal counsel to American Securities with respect to the transaction.  Sawaya Partners LLC and PJ Solomon acted as financial advisors to Conair with respect to the transaction. 

About Conair
Based in Stamford CT, with operations worldwide, Conair is a leading designer, manufacturer, and marketer of branded personal care and small kitchen appliances, cookware, hair brushes & accessories, cosmetic bags, and travel accessories.  For more information, visit www.conair.com.

About American Securities
Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion and/or $50 million to $250 million of EBITDA. American Securities and its affiliates have approximately $23 billion under management. For more information, visit www.american-securities

Fagor becomes a partner of the Atletico Madrid women’s football team.

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Fagor domestic appliances  has signed a sponsorship agreement with Atlético de Madrid and its women’s team. The pioneer brand in Spain with more than 65 years of experience, thus becomes the new club sponsor for this season and the next three.

The presentation ceremony for this new commercial agreement took place at the Wanda Alcalá de Henares Sports Center. At the event were present, Lola Romero, director of the Feminine, the players Deyna and Ludmila, and Vicente Sánchez, general director of Fagor Electrical Appliance.

Lola Romero welcomed her new partners: “For our club, the union of this new sponsor with our first team represents the best synergy that can be found with an innovative brand such as Fagor.”

For his part, Vicente Sánchez, CEO of Fagor Electrical Appliances, said: “Fagor is a brand recognized in Spain and with a great heritage and on the other hand we support the great passion that we have in Spain for this sport. Thus, we see in Atlético de Madrid and its women’s division values ​​and a trajectory that connect very well with our brand and will help us to make it even more recognizable. We share this passion and enthusiasm at all levels ”.

The new Fagor white goods began to be marketed in Spain in the first quarter of 2020 after the agreement signed by the international group Amica, current owner of the Fagor Electrical Appliance brand

Sub-Zero and Wolf Unveil New Products and Design Innovations in Virtual Showcase

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Latest Kitchen Appliance Offerings Centered on Evolving Consumer Needs and Advanced Engineering Solutions.Sub-Zero group the leading manufacturer of Sub-Zero premium refrigeration, cooking equipment, and dishwashing brands Sub-Zero, Wolf, and Cove, has expanded its offering with the launch of four new products unveiled in their first-ever virtual showcase.  The new appliances reinforce an unparalleled commitment to the quality, performance, and purposeful innovation the storied brands have come to represent since the company’s founding over 75 years ago.

“Our commitment to perfection, our passion that drives our every innovation—meticulous research, development, and rigorous testing—that is what brought us here,” says President and Chief Executive Officer Jim Bakke.

The company continues to focus on the kitchen of the future­­ based on emerging technology, science, and design.  The new products are equipped with enhanced performance features and are Wi-Fi enabled to offer greater control, convenience, and simplicity.  Refined aesthetics are fresh and modern for harmonious integration into kitchens of any style.

“As always, Sub-Zero, Wolf, and Cove represent the pinnacle of meaningful luxury,” says Tim McDonough, Senior Vice-President of Marketing and Product Innovation. “Our products are built with a singular goal: to provide the highest-caliber, specialized luxury home appliances in the marketplace.”

2021 innovations include:

  • Sub-Zero Designer Series Undercounter Refrigeration – Anywhere refrigeration for every style. This diverse collection offers luxurious convenience and unmatched style while precisely preserving food, wine, beverages—even cosmetics. Featuring fully customizable exteriors and assorted functions, it seamlessly and beautifully integrates into any space.
  • Wolf E Series Built-In Oven – Enhanced cooking performance inside, cleaner, design-friendly aesthetics outside. Wolf E Series Built-In Ovens are equipped with an advanced dual convection system and chef-tested modes—including effortless Gourmet Mode—to ensure consistently delicious results. Two distinct designs integrate seamlessly in kitchens of many styles.
  • Wolf Induction Range – The historic and unparalleled performance of the Wolf range in a modern shell. Completely redesigned to provide a sleek alternative to the professional-style range, the Wolf Induction Range offers refined, clean lines and a fully integrated touch-control panel on top.
  • Wolf Dual Fuel Range – A precise combination of professional heritage, stunning aesthetic, and innovative performance in one bold cooking package. The Wolf Dual Fuel Range’s durable construction and intuitive features ensure every home chef can enjoy guesswork-free cooking and predictably delicious results for decades.

LG Electronics opens 1st premium shop in Latin America

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LG Electronics In, a major home appliance maker in South Korea, said Friday it has opened its first premium shop in Latin America in a move to further boost sales in the region.

LG Brand Shop for the South and Central American region is in Panama City, Panama, with a size of 470 square meters. Consumers can experience LG’s luxury home appliance brand, LG SIGNATURE, as well as its artificial intelligence and Internet of Things solutions.

The company said it has also opened an online shop for Latin American consumers so that they can easily purchase products amid the novel coronavirus pandemic.

LG said its premium brand shop in Panama will serve as a stepping stone for the company to promote its brand and that it will launch marketing programs dedicated to consumers in the region to better boost its presence.

LG currently runs some 1,400 premium stores

Haier’s 70 million Euro Refrigeration plant in Romania to start production in late Spring 2021

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Haier Europe announces that construction of the first Haier refrigeration production facility in the EU is proceeding according to schedule, with production expected to start in late Spring 2021.

This production facility will manufacture best-in-class refrigerators, both built-in and freestanding for Haier Europe’s 3 brands – Candy, Hoover and Haier – with a focus on connectivity and preservation.

This large investment project exceeds EUR 70 million. The factory will have 63,000 square meters floor space on a total land of 130.000 square meters, located in the Allianso Industrial Park at Aricestii Rahtivani, near Ploiesti, 70km away from Bucharest.

The new factory will employ nearly 800 people – at full capacity – for an expected production of 600,000 units after 2022. The factory design, which is based on modular approach, will allow an expansion up to 1 million units at full capacity.

“We are happy to have chosen Ploiesti for our first cooling production facility in the European Union. This project will make Romania a strategic hub for Haier Europe and will play a key role in its strategy to become one of the top 3 leaders in the industry by 2023. With its large production capacity, technology transfer and logistic features, we are confident this facility will be a first class project that effectively shows our ‘zero distance to consumers’ philosophy”, says Alessia Ianni, Cooling Technical Operation Director at Haier Europe and Managing Director at Haier Tech Romania.

The Romanian plant will be a world-class facility featuring premium production processes brought by Haier’s advanced R&D, manufacturing capabilities and know-how. Its strategic central location, technology and efficiency will enhance Haier’s ability to serve customers in the region. This key project represents a strategic pillar in the leadership’s consolidation path of the Company in the refrigeration segment worldwide and in the execution of Haier Europe’s vision to become the first choice for consumers for smart home.

Haier Tech factory in numbers:

70+ million euros investment
63,000 square meters Floor Space
130000 square meters of land
800 new jobs
Up to 1 million fridges/year produced