Franke acquires Nokite to strengthen steel tap offering
According to KBN, Franke Group has acquired 100% of the shares of Nokite (Nokite Plumbing and Kitchen and Bathroom Systems (Guangdong) Co., Ltd.), a Chinese stainless steel kitchen faucet manufacturer.
Founded more than 20 years ago and with about 150 employees, Nokite is a Chinese company that manufactures stainless steel faucets and sells its products worldwide.
Franke Group, which is owned by AKW, did not disclose the price for the acquisition of Nokite, which will now become part of the Franke Home Solutions division.
According to Franke Group, the integration of Nokite is an important step in strengthening its position in the global kitchen faucet market. It further said that regulatory trends towards the elimination of lead are expected to "rapidly" grow the stainless steel faucet segment, making Nokite's specific experience valuable to the group.
In return, Franke Group said its volume growth will leverage Nokite's production assets and increase value creation.
Barbara Barra, CEO and president of Franke Home Solutions, stressed the importance of the acquisition: "Nokite's engineering capabilities are essential to enhancing our product offering. Their expertise in multi-functional faucets aligns with our strategy to focus on the growing water treatment and purification market, furthering our commitment to high-quality, smart kitchen solutions."