Kindred Aquired from Masco by Parent of Franke

Kindred Aquired from Masco by Parent of Franke

Hatfield, PA - Franke Holding AG, the Swiss-based parent company of Franke Consumer Products Inc., has acquired Kindred Industries, becoming the second largest manufacturer of sinks in North America, the company announced.

Kindred, based in Midland, Ontario, had been operating as an independent division of the Ontario-based Emco, Ltd., under the direction of the Masco Corp.

The Taylor, MI-based Masco - parent of such major manufacturers as KraftMaid, Merillat Industries, Fieldstone and Delta Faucet - has divested itself of several industry-related companies in recent months, including Thermador, Auto-Graph and now Kindred.

"With this acquisition, Franke will gain a powerful foothold in the Canadian market," said officials of Franke Holding AG, located in Aarburg, Switzerland.

Kindred, founded in 1946, is Canada's largest producer of stainless steel sinks, with a Canadian market share of 70%, according to Franke. In 1997, the company posted sales of $45 million (Canadian). Its product range also includes high-grade synthetic sinks, as well as accessories. Kindred also exports to more than 25 countries.

"The Kindred acquisition is a milestone in strengthening the global expansion of the Franke Group," the company said, terming the move "a strategic fit" for its Kitchen Systems Division, based in Hatfield, PA. With Kindred, the Kitchen Systems Division of Franke has three companies in North America and is now the continent's second largest sink manufacturer, the company noted.

The Franke Group consists of 46 companies in 26 countries. Aside from producing sinks, fixtures and fittings, ovens, stove casings, extractor hoods and related products, the company is also a producer and service provider for restaurant chains, and manufactures containers for the beverage, chemical and pharmaceutical industries.