Nobia (NOBI.ST) has received an offer to divest its French kitchen chain Hygena to Fournier SA, which manufactures and sells kitchens under the brands Mobalpa, Perene and SoCoo'c.
Nobia intends to respond to the offer after consultation with employee representatives in accordance with French legal requirements.
Nobia's intention to divest its French operations is a consequence of that Hygena the last years has impacted Nobia's operating profit negatively, despite extensive actions and investments.
- With the Fournier Group, Hygena would get an owner with a long, successful history of French furniture trade, beneficial to both employees and customers, says Nobia President and CEO Morten Falkenberg.
The offer includes all shares in Hygena Cuisines SAS for a purchase price of EUR 20 million on a cash and debt free basis, which is to be paid in cash upon completion of the transaction.
A divestment of Hygena would improve Nobia's operating margin. For 2013, Hygena's net sales amounted to EUR 142 million and its operating profit was negative EUR 12,6 million. The effect on Nobia's profit for 2014 is expected to amount to negative SEK 500 million, primarily attributable to impairment of goodwill and deferred tax assets, and will be reported as restructuring cost.
Subject to Nobia's acceptance of the offer, the transaction is expected to close during the fourth quarter 2014, conditional upon approval from the French competition authorities.
