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Integration of Forster and Piatti bears fruit<br />
The Kitchens and Refrigeration Division of AFG Arbonia-Forster-Holding AG, with its Forster and Piatti brands, is by far the<br />
biggest manufacturer and supplier of kitchens in Switzerland, while the Miele Kitchens brand is represented in more than<br />
50 countries. Its extraordinarily broad selection of products ranges from low-cost models to exclusive, state-of-the-art<br />
kitchens in stainless steel or high-gloss finishes, marketed both to the building trade and direct to household consumers.<br />
Its two independent brands Forster and Piatti are clearly positioned in the market, and have great future potential. The<br />
division is also managing to exploit synergies at all levels. A dense distribution network guarantees close proximity to cus-<br />
tomers throughout Switzerland. Forster Refrigeration is the only manufacturer in Switzerland to develop and produce<br />
high-quality built-in refrigerators in different sizes. Most of its customers are distribution partners and consumers in Swit-<br />
zerland.<br />
Kitchens and Refrigeration Division<br />
In the 2005 financial year, the Kitchens and Refrigeration Division extended its position as the<br />
leading kitchen manufacturer in Switzerland. The acquisition of Miele Kitchens as of 1 Sep-<br />
tember 2005 gave AFG Arbonia-Forster-Holding AG access to the premium segment of the<br />
world market. Including Miele Kitchens from 1 September 2005, sales grew an impressive<br />
16.5 % to CHF 238.8 million. Organic growth came to 5.2 %. The division’s EBIT was up<br />
108.9 % to CHF 9.3 million during the year under review. The headcount grew to 886 including<br />
268 people from Miele Kitchens. Adjusted for the acquisition, the headcount declined by 14 to<br />
592 employees as a result of efficiency gains at Piatti.<br />
The acquisition of Miele Kitchens, whose products (labeled “Miele Die Küche” in<br />
German-speaking countries) are manufactured by Warendorfer Küchen GmbH in Warendorf,<br />
Westfalen (Germany), was the most important milestone in the strategic development of the<br />
Kitchens and Refrigeration Division during the 2005 financial year. Since the takeover did not<br />
take effect until 1 September 2005, the impact of the integration on the year under review<br />
was fairly limited. The report below therefore refers to the performance of the division without<br />
Miele Kitchens.<br />
Integration of Forster and Piatti bears fruit<br />
The program to integrate Forster Küchen- & Kühltechnik AG, Arbon (Canton Thurgau), with<br />
Bruno Piatti AG, Dietlikon (Canton Zurich), released considerable synergies in 2005, and underscored<br />
the division’s market potential. Both companies saw a sharp increase in sales, consolidating<br />
AFG Arbonia-Forster-Holding AG’s market leadership. With a market share of<br />
around 20 %, the company is by far the largest manufacturer and supplier of kitchens in<br />
Switzerland. Progress on the earnings side was also largely due to the successful integration<br />
of the two brands under the “Chef de Cuisine” banner. As part of the successful ISO<br />
9001:2000 recertification, all operational processes were reviewed in detail. Various measures<br />
were taken that resulted in a reduced error rate, an optimised cost structure, and, in<br />
turn, increased competitiveness. The restructuring was more or less completed during 2005.
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