Glen Dimplex buys fridge maker LEC
GLEN Dimplex has made its first move into household fridges with the purchase of LEC Refrigeration in the UK from the Malaysian conglomerate, Sime Darby Group, for an undisclosed sum.
This follows the setting up of Glen Dimplex Home Appliances from Glen Dimplex Cooking three months ago.
LEC has been one of the leading refrigerator brands in the UK during the 1990s but in recent years its market share has fallen dramatically and industry analysts estimate it to be less than 5pc.
Given the decline in its fortunes caused by changes in taste and the arrival of increased competition into the UK market from the Continent, Glen Dimplex is unlikely to have spent heavily to acquire the business.
However, it will have to invest heavily to get the brand back to its former glory.
Glen already enjoys a 24pc share of the UK's cooker market with brands like Belling, Stoves and New World.
LEC has turnover of £35m in a market worth £800m from the sale of three million cooking appliances.
The transaction is subject to formal approval by the Sime Darby Group Board which is expected early next week.
Founded in the 1940s, LEC had at one point reached second place in the UK refrigeration market, with one in four homes having a LEC appliance.