Fagor

Fagor Electrodomésticos, S. Coop
Sociedad Cooperativa
Founded 1956
Defunct November 2013 (2013-11)[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. Fagor is 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, refrigerators and ovens.[2]

History

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

Structure and global business

Mondragon Corporation comprises, 122 industrial companies, 6 financial organizations, 14 retailers, 4 research centers, 1 university, 14 insurance companies, and international trade services. It has a assets of 24.72b Euro (2014), a revenue of 12.1b Euro (2015), and a workforce of 69,000.

The corporation is divided into three main divisions: finance, retail, and industrial.

Major international expansion has increased Fagor's workforce to 6,074. It has factories in Europe, America, and Africa. It also has 13 worldwide subsidiaries and sales networks in 80 countries in 5 continents. The purchase of the Brandt Group in 2005 made Fagor one of the largest appliance manufacturers in Europe. This also included the brand names, Ocean, SanGiorgio, and De Dietrich.

Fagor America makes major appliances, small appliances, and cookware.

44% of Fagor's sales are international, 70% percent of which are in France, Portugal, Germany, the UK, Morocco, Poland, and the Czech Republic.

Fagor markets its products under the following brand names:

  • Fagor
  • Edesa
  • Aspes
  • Mastercook
  • De Dietrich
  • Fagor Commercial
  • Brandt
  • Ocean (acquired with Brandt acquisition)
  • SanGiorgio (acquired with Brandt acquisition)
  • De Dietrich (acquired with Brandt acquisition)

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

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