Mumbai, India-based Eureka Forbes, a Shapoorji Pallonji Group company, has announced that it is acquiring a majority stake in Swiss home appliance firm Lux International. The acquisition places Eureka Forbes in over 40 countries, furthering its vision to become a billion-dollar global company by 2017.
The partnership between Eureka Forbes and Lux International extends back to 2007, when the companies entered an equal joint venture to cater to Asian (excluding India) and Middle East countries. The partnership strengthened when Eureka Forbes acquired a 25 percent stake in Lux in 2010.
“We share a close partnership with Lux International and the von der Becke family and have similar values and a long relationship over many years. Thus, both the companies should enjoy significant synergies from this proposed transaction,” said Group Chairman Shapoor Mistry.
Eureka Forbes’ line of health and hygiene products ranges from water and air purification systems to vacuum cleaners and security systems. Its flagship water purification brand Aquaguard is one of the largest selling in the world. Privately owned Lux International is a Zug, Switzerland-based company whose founder developed the world’s first household canister vacuum cleaner.
Read more on the new Forbes Lux Group here.