Fisher & Paykel acquires Dynamic Cooking Systems for $33 million
January 14, 2005-- Casual Living,
Dynamic Cooking Systems, a Huntington Beach, Calif.-based manufacturer and distributor of cooking appliances, was sold in October for $33 million to New Zealand-based Fisher & Paykel Appliances Holdings Limited.
"The acquisition of DCS will allow us to build on our existing U.S. sales and distribution infrastructure with a completely new cooking range, which is complementary to our existing range of premium products," said John Bongard, CEO and managing director, Fisher & Paykel. "Furthermore, the acquisition will establish a manufacturing base in the United States for us."
FRA expects to invest about $9.7 million for a new manufacturing plant and equipment, plus $12 million in working capital for DCS through December 2005. DCS products now are manufactured in Huntington Beach, near its sales and distribution facilities in Irvine, Calif. FPA will relocate key people experienced in manufacturing and operations to lead the integration of the businesses.
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