Grohe

Grohe AG manufactures and distributes plumbing fixtures and technique. In Faucets Grohe is the European leader in premium bathroom fittings is the world market leader with a turnover of 1.405 billion Euros (2012 ). Despite a pre-tax profit (EBITDA) of € 273 million paid Grohe in 2012 only 3.5 million € taxes in Germany. The company has its headquarters in Hemer with the Corporate Center in Dusseldorf. Plants in Germany are located in Hemer, Porta Westfalica and Lahr / Black Forest. Grohe employs around 9,000 people, including 2,300 in Germany and 3,400 in the Chinese subsidiary Joyou. Grohe is not identical with Hansgrohe.

Grohe as a family (up to 1998)

Friedrich Grohe, son of Schiltach manufacturer Hansgrohe, bought in 1936, the company " Berkenhoff & Paschedag ". Two years after buying it was the first orders from abroad. In 1948 the company was renamed to Friedrich Grohe fittings factory. 1961, meanwhile, had already bought a factory in Lahr / Schwarzwald, the first foreign subsidiary was established in France. In 1962, the company was able to acquire the exclusive license of the so-called Moen mixer. 1968 bought "ITT International Telephone & Telegraph ," the majority of the shares in Friedrich Grohe group. 1982 could produce for the first time in the newly built plant in Hemer - Edelburg. 1983 Friedrich Grohe died, his heirs bought back the shares shortly thereafter. 1989, a part of the plant in Lahr was rebuilt and inaugurated a logistics center in Hemer - Edelburg.

In 1991, the company " Herzberger Armaturen GmbH " in Brandenburg and the " Armaturenfabrik HD acorn Berg & Co. GmbH" were bought from Iserlohn. In addition, the company was transformed into a joint stock company Friedrich Grohe AG. By merging with the DAL / Rust Group In 1994, a plant in Porta Westfalica, also was the " Tempress Ltd.. " From Mississauga, Ontario (Canada) accepted. In Hemer emerged a new technical and business management. 1996 Grohe expanded to Portugal and Thailand. The Friedrich Grohe AG got in the same year on October 18 the German Marketing Prize. 1997 Design Center opened in its headquarters in Hemer. In addition, the state of North Rhine -Westphalia drew from the company with the honorary award for corporate design and design management.

Grohe owned by financial investors (since 1998)

In December 1998, the family Grohe informed the employees that they have sold for around 900 million euros in full to the investor group BC Partners, the company. As part of this transaction was 1999, the Grohe Holding GmbH owned by BC Partners, the majority owner of Grohe AG. It is estimated that the BC Partners mustered for buying only about 100 million euros from its own resources, the rest on borrowings. 2003 had 71 million euros, nearly three-quarters of operating profit to be paid for this interest burden. Critics say the company and its employees paid in this way their own sales.

The Grohe was the time of sale the world market leader and had a 1999 operating margin of ten percent and an equity ratio of 50%. The previous expansions were funded from reserves. "The company had its own bank," should an employee have described the situation at that time.

2004 Grohe was advised by BC Partners to a consortium of investors from Texas Pacific Group and CSFB Private Equity ( a subsidiary of the Swiss Credit Suisse) sold. The new investors paid when boarding around 1.5 billion euros.

In order to bring the company after years of stagnation in sales and earnings growth in 2005 savings of 150 million euros per year were decided by 2008. At the German production sites in Lahr, Hemer and Porta Westfalica a restructuring to reduce fixed costs were cut about 500 jobs in the frame. In addition, the plant in Herzberg was closed and significantly expanded the Thai and Portuguese work. At the same time, the company invested by 2008 in Germany in the optimization of production technology and logistics around 130 million euros. Grohe factories are located in Portugal, Thailand and Canada. Economic History of importance is this restructuring, as they triggered the Franz Müntefering 2005 initiated "locusts debate."

Grohe AG is now one of nearly 100 % of Grohe Holding GmbH ( the former stock exchange listing Grohe AG still has spare shareholders), which is owned by the financial investors and is a pure financial holding company of investors.

Because he participated under the responsibility of the previous management in a price cartel in the years 1992-2002 had Grohe 2010 a fine of 54.8 million euros to pay.

In spring 2011, Grohe has the Chinese sanitary ware market leader Joyou majority acquired and successfully completed a public tender offer. Currently Grohe is involved with 72 percent in Joyou.

2012 was the Grohe AG with a rise of almost 21 per cent turnover of 1,405 million euros to 18 percent improvement in operating profit to 273 million euros and achieved an operating margin of 19.4 percent. Grohe is the largest European manufacturer of fittings and around 8 percent global market leader. Germany has a share of total sales of about 15 percent. Meanwhile Grohe generates about 50 percent of sales outside Europe.

In May 2013 confirmed the Grohe CEO David Haines, that the company would consider all options for getting out of investors. But currently there are no concrete plans. In the event of a return to the stock exchange capital market stakeholders appreciate the value the company at up to 4 billion euros.

The Japanese Lixil Group took over in the fall of 2013 Grohe for about 3 billion euros.

Offices

For distribution, the Grohe Germany is responsible Vertriebs GmbH, based in Porta Westfalica in Germany.

Grohe has representation in 130 countries and 23 distribution companies. Here is a list of the main branches:

• Courbevoie - La Défense ( subsidiary in France since 1961)
• Vienna ( subsidiary in Austria since 1965 )
• Milan ( Italian subsidiary since 1967 )
• Zoetermeer ( subsidiary in the Netherlands since 1973)
• Bloomingdale ( subsidiary in the U.S. since 1975)
• L' Hospitalet de Llobregat ( subsidiary in Spain since 1984)
• Winksele ( subsidiary in Belgium since 1979)
• Mississauga ( subsidiary in Canada since 1984)
• Tokyo ( subsidiary in Japan since 1991)
• Værløse ( subsidiary in Denmark since 1993)
• Nicosia (management of " GROME Marketing ( Cyprus) Ltd.. " Maintains at Grohe AG since 1993, 50 % of the shares)
• Singapore (management of " Grohe Pacific Pte. Ltd.. " Since 1994)
• Warsaw ( subsidiary in Poland since 1995)
• Moscow ( Russian subsidiary since 2003)
• Shanghai ( subsidiary in China since 2001)
• Volketswil ( subsidiary in Switzerland since 2001)