International Cookware, licensee of the Pyrex® trademark (for EMEA), the specialist in glass cookware resistant to extreme heat, has acquired the business and assets of Duralex International, an expert in tableware and the owner of the Duralex® trademark, which had been in receivership since 23 September 2020 at the commercial court of Orleans.
Since the acquisition of a majority stake in International Cookware by the pan-European investment fund Kartesia in April 2020, the group has adopted an ambitious development and growth strategy in the glass sector, reflected today in this takeover.
This takeover confirms a coherent and complementary approach adopted by the two iconic brands in French glass-making expertise, creating a powerhouse with global ambitions, based on strong synergies between the two companies and their respective industrial sites. These are two world-class brands, using two different types of glass – Pyrex® uses borosilicate glass to make kitchenware with resistance to thermal shock of up to 220 °C, while Duralex® makes highly tempered soda-lime glass for durable and stylish tableware. The two have extremely complementary and convergent expertise, product ranges, brand images and even geographic locations (Châteauroux in Indre for Pyrex® and Chapelle-Saint-Mesmin in Loiret for Duralex®, both in the Centre Val de Loire region).
This takeover confirms International Cookware’s ambition to become an uncontested leader in the field of kitchen glassware and tableware, as well as a major French manufacturer. “Pyrex® and Duralex® share the same values of robustness, simplicity and excellent French know-how,” explains José-Luis Llacuna, CEO of International Cookware. “With this takeover, Pyrex® is ensuring a solid future for Duralex®, reinforcing French production of kitchen glassware and tableware and building a major player that aims to become the world leader in the sector. With the full support of our shareholder Kartesia, our CSR approach – including the development of employment through training and professional integration, the prioritisation of compliance with the strictest safety standards and investment in our production tools to carry out the most innovative energy consumption and environmental impact initiatives in the profession – will be central to the formation of this new glass-making centre of excellence in the Centre Val-de-Loire region.”
Despite the indisputable quality of the Duralex® products and brand, the difficulties encountered by Duralex International over the past 15 years resulted from both chronic under-investment in the production site, as well as too limited and unsuitable marketing and sales capacities, a lack of innovation and no investment in the brand, giving significant room for development, especially internationally. “International Cookware is planning investments of around €17 million by 2024 to innovate, ensure compliance with standards and improve productivity,” adds José-Luis Llacuna. “This budget has been allocated to increase the factory’s production capacity to allow a return to profitability, the resumption of recruitment at the site and improvement in the service level to bring it in line with customers’ expectations, with the target of doubling the turnover of Duralex® by 2024. Ultimately, we aim to replicate International Cookware’s operating model at Duralex®, since it is unanimously recognised by our customers as a benchmark for reliability and quality. Kartesia’s financial and strategic support with this overall project has also enabled us to approach all the necessary projects, which have already been launched, with confidence.”
Following this transaction, Pyrex® and Duralex® will remain independent companies pursuing their development within their respective frameworks, but will each benefit from their respective product lines and from their ability to offer consumers iconic products of excellent quality. This business combination has received strong support among both companies’ teams, which are eager to work together for the success of this ambitious project.
International Cookware, which achieved turnover of more than €107 million in 2020 from products sold in 140 countries, forecasts overall turnover growth in 2021 thanks to the development of innovative new ranges as well as strong international development driven by operational, commercial and product quality guarantees recognised by all its partners and consumers.
