Fagor

Fagor Electrodomésticos, S. Coop
Sociedad Cooperrativa
Founded 1956
Defunct November 2013[1]
Headquarters Mondragón, Spain
Number of employees
 6,000 (2006)
Parent Mondragón Corporation
Website www.fagor.com

Fagor Electrodomésticos is a large domestic and commercial appliance manufacturer based in the Basque Country, Spain and run by the Mondragon Corporation. Until its bankruptcy in November 2013, Fagor was Spain's largest consumer appliance company and the fifth largest electrical appliance company in Europe manufacturing a wide range of domestic appliances including washing machines, fridges and ovens.[2]

History

Fagor Electrodomésticos was one of the many companies in the Mondragon Group, the world's largest workers' co-operative formed in 1956 in a small workshop in Mondragon, Spain.

On October 16, 2013, Fagor Electrodomésticos filed for protection from creditors while it tried to refinance and renegotiate its €1.1 billion of debt under Spanish law, after suffering heavy losses during the European financial crisis.[3][4]

On November 6, 2013, FagorBrandt, the French subsidiary of the Spanish appliance manufacturing group, which employed 1,920 people, announced its bankruptcy and was placed under receivership in early 2014, before being divested and taken over by the Algerian conglomerate Cevital Group.[5][6]

Later Fagor Electrodomésticos officially announced its bankruptcy as well and has been taken over by Spanish appliance manufacturer CATA Electrodomésticos(CNA Group) in autumn 2014, adding 155 new jobs.[7][8]

In late 2014, the German appliance company BSH Hausgeräte was about to purchase FagorMastercook in Poland.[9]

Global business

Mondragon Corporation brings together 122 industrial companies, 6 financial organisations, 14 retailers, 4 research centres, 1 university, and 14 insurance companies and international trade services. It has a turnover of more than 14,700 million pounds, and a workforce of over 69,000 people.

The group is divided into three main divisions: the finance division, the retail division, and the industrial division.

A program of major international expansion has seen Fagor achieve a workforce of 6,074 people and factories located in three continents: Europe, America, and Africa with 13 subsidiaries throughout the world as well as a major sales network present in 80 countries in 5 continents.

Fagor America makes major appliances, small appliances, and cookware. The major appliances compete against Bosch, GE Monogram, Kitchen Aid, Jenn Air, Miele, Electrolux, and Asko.

Currently, 44% of Fagor's sales are international, 70% percent of which take place in France, Portugal, Germany, the UK, Morocco, Poland and the Czech Republic. Fagor markets its products under seven different brand names:

  • Fagor
  • Edesa
  • Aspes
  • Mastercook
  • Brandt
  • De Dietrich
  • Fagor Commercial

The purchase of the Brandt Group in 2005 ensured that Fagor became one of the largest appliance manufacturers in Europe. This also included the brand names of Ocean, SanGiorgio, and De Dietrich.

References

  1. ↑ "Spanish appliance group Fagor files for bankruptcy". Reuters. November 13, 2013. Retrieved March 14, 2014.
  2. ↑ About, UK: Fagor.
  3. ↑ http://www.reuters.com/article/2013/10/16/spain-fagor-idUSL6N0I61WA20131016
  4. ↑ http://www.theguardian.com/social-enterprise-network/2013/nov/15/spanish-co-op-workers-occupy-plant
  5. ↑ http://www.euromonitor.com/consumer-appliances-in-france/report
  6. ↑ http://www.liberation.fr/economie/2013/11/06/fagorbrandt-journee-cruciale-pour-les-salaries-avec-la-reunion-du-cce_944945
  7. ↑ "Catalan company Cata buys bankrupt domestic appliance business Fagor ", published 29 July 2014.
  8. ↑ "CNA Group announces the acquisition of the production units of Fagor", published 5th of November 2014.
  9. ↑ "Bosch-Siemens to buy FagorMastercook's Wrocław business", Published on 2014-12-29.

External links