Steinhoff to strengthen bed manufacturing
Steinhoff International is to strengthen its European bed manufacturing by investing in French manufacturer Cofel.
The group has proposed buying a 50% stake in the manufacturer from parent Grupo Pikolin.
Cofel employs 1,000 people and produces three well established brands – Epeda (pictured), Merinos and Bultex – in its five factories.
Steinhoff and Grupo Pikolin says the deal will enable Grupo Pikolin to strengthen its international presence and expand into new markets while bringing valuable experience and unique know-how to Steinhoff and will strengthen its bedding product range in Europe.
‘This strategic alliance represents an incredible opportunity to expand and capture new markets,’ says José Antonio Gonzalez, Grupo Pikolin ceo.
‘The bed product category has been a key focus for the Steinhoff Group and Grupo Pikolin has been a trusted partner to Steinhoff for many years. Their knowledge of the bedding market and high profile brand portfolio will further support and benefit the group’s development in the bed market,’ says Danie van der Merwe, Steinhoff International coo.