Poggenpohl Möbelwerke, the oldest kitchen brand in the world, has officially been taken over by Jomoo Germany after filing for bankruptcy at the end of April.
The announcement isnt the first time that Poggenpohl and 'take over' had been in the news recently as back in June Smallbone and Mark Wilkinson owner Lux Group declared they had been successful in acquiring Poggenpohl.
What transpired was that Chinese bathroom giant Jomoo gazumped Lux Group to go on and win the German kitchen company at the last minute. This is despite Lux Group owner Ron Shemesh alleging at the time that Jomoo had already been dismissed as a viable bidder.
Shemesh was scathing of the administration process that ‘induced’ Lux into spending millions on due diligence and legal fees in the failed bid to buy Poggenpohl.
Shemesh also said that he believes the Jomoo deal is part of a wider business ‘Cold War’ which is seeing Chinese companies buy up industry in the West using state-funded ‘sleight of hand’.
The Lux deal had progressed to the point that it had been publicly approved by the creditors committee and the German administrator Manuel Sack. the partner at the German law firm Brinkmann & Partner, whom cooperated in a joint press statement declaring Lux as the new Poggenpohl owner. It did, however, note at the time that the final contract had yet to be signed.
A subsidiary of the Chinese Jomoo Group is set to take over Poggenpohl completely on September 1 and RWK and Kuhlmann Küchen boss Ralf Marohn has been appointed as managing director.
“Poggenpohl will remain a German kitchen brand with production in Herford that stands for sophisticated, modern design as well as high quality and reliability,” Marohn said. “Our customers can continue to rely on the high brand promise. The jobs in Herford will be retained and the entire team of employees will return Poggenpohl to its old glory and strength.
Ralf Marohn also paid tribute to the high degree of trust and loyalty that customers place in the Poggenpohl brand and its team. ‘We are delighted that our customers continue to support Poggenpohl. This shows the close bond and firm belief in what Poggenpohl represents – both historically and in the future’, he stated.
