Fiskars seeks agility and efficiencies – plans to divest its watering assembly plant in Ningbo, China
Fiskars Corporation
Press Release
December 1, 2020 at 08:00 EET
Fiskars seeks agility and efficiencies – plans to divest its watering assembly plant in Ningbo, China
Fiskars Corporation has entered into an agreement to divest its watering assembly plant and related operations in Ningbo, China to Daye (Ningbo Daye Garden Industry Co. Ltd.). Daye is locally one of the leading specialized manufacturers of watering products. The transaction is expected to be completed by the end of January 2021.
The watering category continues to be an important part of Fiskars Group’s offering and with the planned divestment, Fiskars Group seeks efficiencies in its supply chain. Daye is a company with more than 20 years of experience in making watering products, and well positioned to continue to develop the production as part of a broader watering product company.
“We will continue to develop our offering in the watering category and introduce new innovations that make watering easy and enjoyable. Fiskars has worked together with Daye for several years. For the assembly plant in Ningbo, we believe Daye can offer the best path forward for the plant and develop the operations further”, said Risto Gaggl, Chief Supply Chain Officer, Fiskars Group.
“The acquisition fits our business well and enables us to develop further for the U.S. and European markets. As a local manufacturer, we know the operations well and look forward to adding it to our group”, said Xiaodong Ye, General Manager, Ningbo Daye Garden Industry Co. Ltd.
In the full year 2020, Ningbo’s production value is approximately EUR 9 million. The sale is not expected to have a significant impact on Fiskars Corporation’s financial position or result during 2021.
These plans are a part of Fiskars Group’s Restructuring Program announced in December 2019, aimed at reducing costs and improving efficiencies in e.g. the supply chain.
FISKARS CORPORATION
Corporate Communications
Media and investor contacts:
Corporate Communications, tel. +358 204 39 5031, communications@fiskars.com
Making the everyday extraordinary
Fiskars Group’s vision is to create a positive, lasting impact on our quality of life. Our brands Fiskars, Gerber, Iittala, Royal Copenhagen, Waterford, and Wedgwood are present in people’s everyday lives – at home, in the garden, and outdoors. This gives us an opportunity to make the everyday extraordinary today, and for future generations. We have a presence in 30 countries, and our products are available in more than 100 countries. Our shares are listed on the Nasdaq Helsinki (FSKRS). Please visit us at www.fiskarsgroup.com for more information and follow us on Twitter @fiskarsgroup.