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21st July 2017
Alno AG completes the next step of its repositioning
Last Saturday, Alno AG took the next step in its repositioning and sold its subsidiary Impuls Kuchen GmbH (Brilon) to Steinhoff Furniture Holding GmbH (Austria). The change of ownership is scheduled to take place at the end of June 2015, subject to antitrust approval.
Alno AG and the Steinhoff Group will co-operate on a long-term strategy, which will secure jobs and the current trading position. Steinhoff will supply Impuls kitchens to Alno for the export businesses, meaning product supply and availability will continue as usual. This agreement will allow better utilisation of Alno's remaining plants and economies of scale in purchasing and production. All existing employees of Impuls Kuchen have been retained by the new owners.
The high inflow of financial resources from this sale of business creates opportunities for the realignment and further expansion of Alno. Currently, the Group is represented with four brands on the market: Alno, Wellmann, Impuls and Pino. Now, with this important transaction, the remaining domestic brands Alno, Wellmann and Pino can be more clearly positioned in the market. Overall, the restructuring will result in less complexity with fewer product overlaps and a more flexible and efficient structure.
The increase in working capital also means the company can continue its realignment strategy and international growth. Max Muller, CEO of Alno AG, says: "This transaction is for both sides a win-win situation. The Steinhoff Group can tackle its own strategic objectives faster, while we move forward in a decisive step with the restructuring of our company. This year, we have achieved three major milestones in the realignment of Alno AG: In addition to selling Impuls, we have also established a joint venture in Russia with one of the largest furniture manufacturers in the country and we have recently further increased our capital by partnering with China. All these developments will bring significant new business opportunities to us in the near future."
Alno UK will continue to sell all these brands (including Impuls kitchens) through its existing UK business.
5th June 2015