Wednesday, Oct 11, 2006
CAIRO (Zawya Dow Jones)--Lecico Egypt said Wednesday that it has acquired operating assets in France's Sarreguemines Sanitaire for EUR1.5 million through its unit Lecico France.
The company said the offer, made Oct. 5, was to purchase some of the operating assets in the French sanitary ware producer included inventory, a warehouse, trademark and manufacturing facilities.
Sarreguemines Sanitaire posted a net loss of EUR18.6 million in 2005 and was subsequently placed under receivership in July 2006.
Lecico submitted an offer to the court-appointed administrator of the company to buy some of the assets of the company with a reduced workforce.
"It is our ambition for Sarreguemines to become a first rank European brand again and to become the focal point of the group in design and development," Gilbert Gargour, Lecico Egypt's chairman and chief executive, said in a statement.
Lecico Egypt, a leading producer of sanitary ware in the Middle East, exports half of its production and has a significant presence in the United Kingdom and Europe.
-By Maha El Dahan, Dow Jones Newswires, +201 2226 7850, mahaeldahan@yahoo.com
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10-11-06 0358ET
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