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Management Buy Out for Aqualisa

Close Brothers Private Equity (CBPE) announced on Friday 22nd October that it has backed the management buy-out of Aqualisa, a leading supplier and distributor of domestic showers in the UK. Aqualisa is being acquired from Baxi Holdings Ltd. (Baxi), the European heating products manufacturer.

The UK is one of Europe's fastest growing shower markets with an average annual growth rate of 5.9% over the last five years, with more than 2 million showers sold per annum. Long term fundamental growth is being driven by the number of households with a shower, forecast to increase from 70% to 90% over the next 10 years (as in other mature economies), and a growing number of showers per house.

Martyn Denny(left) and Harry Rawlinson of Aqualisa

Aqualisa says that its successful strategy to focus on high quality products has driven growth faster than the market. Its product range comprises mixer, power and electric showers. In particular, it has a dominant market position in the rapidly growing power shower segment, reflecting the increasing consumer preference towards premium power showers.

The majority of its core products are based on proprietary technology. One of its key growth products is the Quartz® digital power shower. Launched in 2001, it has demonstrated annualised growth of over 61% with significant potential for future development both within the UK and new international markets.

Established in 1976, the company currently employs 340 staff and is headquartered in Westerham, Kent.

CBPE is backing the incumbent team, led by Harry Rawlinson, Managing Director, and Ian Stuart, who joins the board as Non-Executive Chairman. Mark Perryman will represent CBPE on Aqualisa's board as Non-Executive Director.

Commenting on the investment, Mark Perryman, Investment Director at CBPE, said:
‘Our aim is to back strong management teams to deliver value for our private equity funds. Aqualisa is exactly the type of business we are looking for.’

Harry Rawlinson, Managing Director of Aqualisa, added:
‘We are delighted to achieve a buy-out. Our products are well established with strong market positions. The business is growing strongly and we are keen to expand further. We have a history of successful new product development and our focus on R&D, design and product innovation will support the company's growth going forward.’

Funds advised by BC Partners previously acquired Aqualisa, as part of Baxi, in March 2004. Baxi is disposing of Aqualisa to focus on its core heating businesses.

Tel: 01959 560000
Email: mailto:marketing@aqualisa.co.uk
Web: http://www.aqualisa.co.uk

Merloni Sales up 6.5% and Operating Margin at 8% in 3rd Quarter 2004

Merloni Elettrodomestici expects to close 2004 with a substantial increase in sales volumes and market shares and with profit margins in line with expectations.

'In spite of the uncertain macro-economic scenario, the Company is expecting to close the year with positive results in line with expectations,' said Vittorio Merloni. 'Returns on the industrial investments we’ve made in Russia and Poland this year enable us to look optimistically at the coming months'.

Meeting in Milan, the Board of Directors also approved the 3rd quarter figures and reviewed the results for the first nine months of 2004, including a 6.7% increase in sales on the same period in 2003 and an operating margin up 7.3%.

In the 3rd quarter, the Company increased its market share in Europe by 0.3% against the figure for the previous year, to reach 15.8%. It also continued to pursue its policy of consolidating in Western Europe and developing higher potential growth markets such as Russia and Poland, where it is well on the way to achieving a balance between local production and demand.

Main results in 3rd quarter 2004
• Sales at 30th September 2004 reached €856m, up 6.5% on the same period in 2003 (€803m).
•Gross operating margin stands at €108m (€105m in 2003), which is 12.6% of sales.
•At €68m, the net operating margin (€70m in 2003) is 8% of sales.
Profit before tax amounts to €51m against €61m in the same period in 2003.
•Net financial indebtedness at 30th September 2004 stands at €361m (€331m at 30th September 2003), with the debt/equity ratio moving to 57% (62% at 30th September 2003).

Main results in the first nine months of 2004
•Sales in the first nine months of 2004 stand at €2,346m, up 6.7% on the same period in 2003 (€2,199m).
•The operating margin is €171m (€162m in 2003), which is 7.3% of sales (7.4% in 2003).
•Profit before tax amounts to €131m, or 5.6% of sales (6.1% in 2003).

The Board of Directors also approved the 1st half report, the provisional figures of which were reviewed in July, and the new organisation model as required by law 231/2001. The Board then reviewed the independent directorship requisites of its members. The following were confirmed as having independent status: Innocenzo Cipolletta, Luca Cordero di Montezemolo, Adriano De Maio, Alberto Fresco, Mario Greco, Carl H. Hahn, Hugh Malim and Roberto Ruozi.

Prodi, Belka and Marzano Open Merloni's New Refrigerator Plant in Poland

The President of the European Commission Romano Prodi, the Polish Prime Minister Marek Belka and the Italian Minister for Productive Activities Antonio Marzano, together with Vittorio Merloni, opened Merloni Elettrodomestici’s new refrigerator production plant in Lodz, Poland. The new facility will work alongside the existing cooker plant, whose output was doubled up at the start of this year.

'The new Lodz plant reflects our ongoing policy of internationalisation, bringing production closer to the market,' explained Vittorio Merloni. 'Polish families will now be able to choose refrigerators that we manufacture in Poland'.

The new cooling production facility, which cost around €40m, will have an annual capacity of one million refrigerators by 2007. It will give work to some 900 people, in addition to the 1,000 or so already working in the cooking plant. Merloni Elettrodomestici’s production facilities in Lodz cover 170,000 square metres and will turn out two million appliances a year at full capacity in 2007.

Construction of the new cooling facility will also re-distribute production capacity and sales across East and West. With its Indesit and Ariston brands the Company enjoys a 14% market share in Poland. The new fridge production capacity will contribute towards increasing that share.

Nobia Reports Q3 Profits up 59%

Nobia has announced that organic growth was 11 per cent for both Q3 and for the first nine months, with net sales rising by 26 per cent to SEK 2,707m (2,144) in Q3 and by 23 per cent to SEK 8,487m (6,896) for the first nine months. Profit after financial items soared by 59 per cent to SEK 553m (348). Profit after tax rose by 56 per cent to SEK 362 million (232).

Further financial items:
* EBITA was SEK 214 million (73) in Q3 and SEK 719 million (440) for the first nine months
* EBITA margin was 7.9 per cent (3.4) in Q3 and 8.5 per cent (6.4) for the first nine months
* Cash flow was SEK 231 million up on the corresponding period last year and amounted to SEK 410 million (179)
* Earnings per share after dilution increased by 56 per cent to SEK 6.26 (4.02). Earnings per share after dilution over the past 12 months reached SEK 8.08, representing an increase of 32 per cent over the year.

Nobia Appoints New Business Unit Manager for Magnet

Nobia has appointed Preben Bager as its new Business Unit Manager at Magnet in the UK.

Preben Bager is currently the Business Unit Manager at Danish HTH, which is part of the Group. He is also a member of Nobia's Group management as Vice President Operations. Preben Bager has extensive experience of the kitchens industry and retail in many countries. He was appointed Business Unit Manager at HTH in 1992 and has developed HTH into a very successful company.

Preben Bager will assume his position with immediate effect and will remain as Business Unit Manager at HTH until further notice. He replaces Gary Favell who has decided to resign from Magnet.

'I am very pleased that Preben Bager is assuming responsibility for Magnet. He has done a fantastic job at HTH and his experience from that company will be of great benefit for Magnet. I would also like to thank Gary Favell for his many years of service at Magnet,' says Fredrik Cappelen, President and CEO of Nobia.

'The strategy for Magnet remains unchanged. The work to upgrade the store network and improve the manufacturing platform continues while the pace of improving efficiency and margins will be accelerated.'

John Sydney Capitalises on Luxury New Build Sector

John Sydney’s growth in the luxury new build sector continues apace. Its latest project is the new development of luxury, residential apartments at 55 Holmes Road, Kentish Town in the centre of London. Here it has worked in conjunction with Waterlines Suppliers and the developer, the PES Group and has supplied its Elite and JS range of contemporary designed brassware for the ensuite shower and individual bathrooms.

55 Holmes Road comprises both commercial and residential spaces including 16 luxury, 2 and 3 bedroom apartments, which are on the market for up to £850,000. John Sydney has supplied wall mounted basin mixers, bath fillers and shower mixers in its contemporary styled Elite and JS ranges of chrome, brassware for the master bedroom shower ensuites and the individual bathrooms.

The apartments at 55 Holmes Road are designed to an exceptional standard offering spacious and bright interiors. All have floor to ceiling windows with French doors leading out onto private, decked terraces. The John Sydney brand’s bathroom fittings were specified on this occasion for the comprehensive product range, contemporary designs and the superior finish.

John Sydney brassware is designed to perform with low or high water pressure and comes with a ten year guarantee. All products comply with WRAS guidelines and are sold for contract and domestic use via selective bathroom dealers and specifiers.

Tel: 01827 304000
Web: http://www.johnsydney.com

Blum Moves Storage and Planning to the Front of the Agenda

It is now a number of years since Blum’s independent international survey revealed that 66% of new kitchen buyers were dissatisfied with the amount of storage space available after their kitchens were installed. At the time Blum identified this as the most challenging aspect of kitchen design that would become a major sales feature in the future. The company’s strategic programme of fittings and product developments already had the fundamental elements for providing wide ranging solutions and, since then, it says it has advanced the concept of ‘storage solutions’ to something of a science.

The two cornerstone products were Blum’s family of CLIP hinges and the company’s Tandem drawer runners which gave rise to the generation of full extension Tandembox drawerbox systems. Also the all-important internal pull-out units.

By looking at the way in which internal cabinet space was and could be used, Blum identified significant wastage through poor access and bad organisation. Simply put if all of the internal cabinet volume was instantly accessible, fully used and properly organised up to 55% additional storage became available. Wide access door hinges and full extension drawers and pull-outs are fundamental to this. Fixed shelves in base units are the cause of more wasted space than anything.

Pull-outs allow instant access to the goods at the very back of the cabinet at any level. Internal dividing systems like the flexible Orga-Line and the Boxside drawer side height extension fittings maximise the use of internal surfaces. And now Blum has taken planning to a new level with the worldwide introduction of the Dynamic Space® concept.

‘For kitchen designers and manufacturers the Blum products and systems are a dream come true in terms of integrated fittings and standardisation of manufacturing processes.’ says the company.

Tel: 01908 285700
Email: mailto:info@blum-uk.com
Web: http://www.blum.com

Pegler Working in Partnership with the London Borough of Newham

Pegler ‘Leger’ design taps are to be installed in the 53 homes that make up The London Borough of Newham ‘Austin Court’ – one of the council’s existing tower blocks - as part of its programme to bring all the homes in the area up to the Government’s ‘Decent Homes Standard’ by 2010.

Each refurbished bathroom will benefit from products from the Pegler ‘Leger’ portfolio – a range of quarter-turn, lever-operated taps and bath or shower mixers. The Leger range, with its durable highly polished, chrome-plated finish, features contemporary smooth curves.

Several other similar properties will shortly be upgraded to the same high specification, as the refurbishment programme is rolled out by the council.

Les Hayward, a consultant at Newham Council, said: 'We are looking to improve our housing stock, as a contribution to the general improvement of the area as a whole. We selected Pegler as one of the suppliers on this major project because of the reputation they have built for manufacturing very reliable, high quality products. The taps and mixers within the Leger range are ideal for our homes – they are quality products, built to last, but also have an appealing design that won’t date.'

Chris Lane, Pegler’s London Contracts Manager, commented: 'We are delighted to be working in partnership with Newham Council at ‘Austin Court’ and we’re looking forward to working with them on future projects as they roll out the refurbishment programme across their housing stock. We’re happy to be playing a small but important part in improving the quality of these homes.'

Web: http://www.pegler.co.uk

Linda Barker Opens Jacuzzi® Bathroom Studio at Leekes

It's not everyday that you get some professional design advice for free, not least from one of the country's top TV interior designers, but that's exactly what Leekes customers in Melksham were treated to recently.

Linda Barker, star of the BBC's Changing Rooms TV show dropped into Leekes at Melksham to open the company's newly refurbished and extended Jacuzzi Bathroom Studio.

After touring each of the departments within the huge Leekes department store at Melksham, Linda looked in detail at the new area and gave an informal presentation to guests on bathroom design and answered a number of questions from the floor.

After officially opening the area she then mingled with guests, giving them the opportunity to ask their individual questions.

Paul Collier, Buying Manager for the Leekes Group, which includes four out of town department stores in Melksham, Llantrisant, Crosshands and Tonypandy said:

'The day was a terrific success. Linda was very complimentary about our new Jacuzzi bathroom studio and our guests received some great design tips for free from one of the countries best known interior designers.'

Topps Tiles Plc Pre Close Trading Update

As the tile and wood flooring specialist went into its close period for the 53 weeks ending 2nd October 2004, the Board of Topps Tiles Plc announced that the Company has continued to enjoy buoyant trading conditions with like for like sales growth of in excess of 20 per cent. Accordingly, the Board expects that the Company will report profits before taxation for the period, in the region of £33.5 million.

The Company will announce results for 53 weeks ending 2nd October 2004 on 30th November 2004.

KBSA Offers Employment Law and Safety Advice Service

Members of the Kitchen Bathroom Bedroom Specialists Association are now able to take advantage of an employment law and health and safety consultancy service, thanks to the association’s ongoing partnership with business advice experts Croner Consulting.

Croner Consulting, part of Wolters Kluwer (UK) Ltd, already operates a Business Support Helpline for the association but the new extended service will mean members now have access to employment law advice, and health and safety advice.

‘For businesses that don’t have dedicated human resources staff or health and safety personnel, keeping up-to-date with legislative changes can be a difficult and time consuming process which is often left to a manager or company owner to handle,’ says KBSA operations manager Lucinda Kenny.

‘Thanks to our partnership with Croner Consulting we can help our members interpret and comply with both existing and new legislation and thereby achieve best practice.

‘With an increasing amount of legislation to understand, our members are under great pressure to comply but often feel they may be drowning in red tape and don’t know where to begin – and unfortunately the consequences of non-compliance can be costly, both financially and in terms of the company’s reputation.

‘Working in association with Croner Consulting we can now save our members time, trouble and money, and reduce the risks of non-compliance by offering this valuable service.’

Major Retail Credit Provider joins KBSA

Major retail credit provider Cetelem is the latest company to join the Kitchen Bathroom Bedroom Specialists Association as a corporate member.

Already a proven credit provider within the interiors industry, Cetelem was established in the UK in 1999 and within its first year of trading had attained an impressive three per cent of the retail finance market.

‘Cetelem prides itself on providing exceptional levels of service and extremely competitive pricing – and the company has already proved itself a force to be reckoned with in the retail finance field,’ says KBSA chief executive Graham Hayden.

‘We’re delighted to welcome Cetelem to our ranks of corporate members and are confident they will provide many other member companies, and their customers, with an excellent facility.’

Cetelem national account manager David Pilling said: ‘We are committed to building sustainable and dynamic relationships with our partners and aim to become the preferred finance partner to all UK retailers and a market leader within three to four years.

‘We want to make retail credit as refreshingly simple as possible. Building on our global experience, we are revolutionising the market by delivering creative, flexible and easily understood products’.

James Latham Acquires North East Panels Business

Family owned panel and timber importing and distribution company, James Latham, which has been established for almost 250 years and now has nine distribution centres around the UK, has acquired the Gateshead sheet material and fabrication arm of FH Thompson & Sons Limited.

FH Thompson & Sons Limited, also a family business and with an impressive century long heritage itself, has enjoyed a commercial relationship with James Latham for almost half of that time.

Roger Latham, Chairman of James Latham commented, ‘I am delighted that we were given the opportunity to purchase FH Thompson & Sons Limited which shares so many of our values and has a similar ethos towards how it conducts business. Because of our trading history, we know the company so well and intend to build on the excellent service and first class reputation that it is recognised for.

‘The acquisition is part of our growth strategy and for the first time, gives Lathams a presence in the north east, which will deliver obvious benefits to our customer base in this region. The two businesses will also provide mutual benefits and complementary areas of expertise to deliver a wider product range and improved service to customers.’

Based in Gateshead and employing 17 people, the FH Thompson & Sons Limited site will be rebranded James Latham Gateshead and as well as utilising FH Thompson’s specialist fabrication facility, will also incorporate Lathams burgeoning panel product range. The north east business will be headed up by Operations Director John Bowman who will report into Group Panel Products Director Chris Sutton.

ldeal-Standard Teams Up with Top Design Agency Pearsonlloyd

Ideal-Standard says that it is dedicated to offering the latest in bathroom and shower design and over the years has worked with top designers across the globe. The latest collaboration is with award-winning London agency Pearsonlloyd.

Pearsonlloyd is a multi-discipline design consultancy that mixes product design with interior design, specialising in the fields of furniture, transport design and the public realm. Recent projects include the new First Class Seat for Virgin Atlantic Airways currently shown in the Virgin television advertising, plus projects for Fritz Hansen, Artemide, Knoll International, Magis and Walter Knoll.

Tom Lloyd (left) and Luke Pearson (right) with the Ideal-Standard 'Rainshadow' walk-in shower at 100% Design.

Hot off the drawing board of Pearsonlloyd and previewed at this year's 100% Design Exhibition - a part of London Design Week - is a completely new range of contemporary walk-in showers created for Ideal-Standard by Tom Lloyd and Luke Pearson. The new showers carry the working name Rainshadow and will be launched next year, bringing a new genre of shower enclosures to Ideal-Standard's comprehensive range.

Amongst other features, is the positioning of the water delivery controls on the circular model, which can be operated before the user walks into the shower as well as being operated while the shower is being used.

The Ideal-Standard 'Rainshadow' will be available in 2005.

Sharp Electronics (UK) Ltd Attracts Complaint

A complaint objecting to a national press advertisement for an air purifier issued by Sharp Electronics (UK) Ltd of Newton Heath, Manchester was upheld according to published details from the Advertising Standards Authority.

Complaint:
Objection to a national press advertisement that was headed 'I suffered allergies for 15 years. It only took two months to feel the difference.' It claimed '... Sarah has a job she loves ... But since being a small child herself, she'd suffered badly with asthma and hay fever. Over the years she had learned that the most likely triggers were pollen, pets, and most especially, airborne mite allergens. Apart from irritation of the eyes, nose and throat, the severity of her allergy caused her acute breathing difficulties. Particularly at night, when it would become hard to get the restful sleep she needed to face the next busy day. As a result Sarah gave a trial to the new Sharp Healthcaire FU-40SEK Plasmacluster air purifier ... In as short a time as two months she began to notice a difference in her life. The severity of her symptoms was reduced and she was now able to sleep soundly right through the night ... Introducing Plasmacluster Ion Technology. A scientific solution to airborne allergens ... After lengthy research and development they (experts in the field of molecular biotechnology) have recently verified that they had identified a pro-active way to deactivate airborne mite allergens*, one of the most common asthma triggers ... The Sharp Healthcaire air purifier is the first device to incorporate a Plasmacluster Ion generator, the key to this revolutionary breakthrough in anti-allergen technology. This produces streams of positive and negative ions - which are natural components of healthy air - that quickly bond with water molecules, known as cluster ions. When these cluster ions are released into a room they actively seek out and surround airborne mite allergens. A chemical reaction takes place and the allergen is rendered harmless, robbed of its ability to provoke an allergic response even if breathed in ... Plasmacluster Ion Technology is not in itself a cure for Asthma or other allergies. But for sufferers like Sarah, it may mean that they can now breathe in a purer air that isn't laden with the active allergens that have caused them years of misery.' The complainant, who believed the product did not affect dust mite allergens, challenged whether the device benefited people who suffered from dust mite allergies.

Adjudication:
Complaint upheld
The advertisers said the device had been independently tested in Japan; they sent a press release that detailed the test results. They said, before the device was marketed in the UK, trials on allergy sufferers had been conducted by a specialist communication company on their behalf; they said the feedback from those trials had been mainly positive. The advertisers said they had selected two of the trials to form the basis of their advertising and sent a copy of one of the completed questionnaires from an allergy sufferer. The advertisers asserted the device had been awarded a 'Seal of approval' by the British Allergy Foundation and that two Professors, who were specialists in the field, had stated the effectiveness of the device in combating the triggers that caused allergic reactions.

The Authority took expert advice. It understood that the advertisers' evidence showed the device provided effective air filtration and that the additional plasma cluster technology could inactivate allergens in the air. It nevertheless understood that, in the absence of a rigorously designed clinical study, corrected for any placebo effect, the efficacy of the device for providing actual clinical benefit to allergy sufferers was unproven.

The Authority considered that the advertisement implied the device would rid the air in people's homes of virtually all airborne allergens and help those with medical conditions such as asthma. The Authority noted the results of the trials conducted on behalf of the advertisers, but considered that the results of those trials were not sufficient to substantiate that implication. In the absence of product-specific, clinically controlled trials on sufferers to prove the efficacy of the advertised product, the Authority concluded that the advertisement was misleading. It told the advertisers not to repeat the advertisement and advised them to consult the CAP Copy Advice team before advertising the device again.

Fifth International Hettich Furniture Design Competition 2005

Hettich International is inviting entries for the fifth International Furniture Design Competition, the objective being to stimulate the world's rising generation of designers to formulate their creative ideas and turn them into imaginative products. The subject of the competition is storage furniture (cabinets, shelves etc.) and/or furniture systems for the home environment.

Professors and lecturers from universities and colleges around the globe with furniture-making, furniture design and furniture construction faculties are eligible to enter the designs of their students. The number of entries is limited to a maximum of five designs per university or college teacher.

The competition expects forward-looking, creative designs that meet the latest consumer demands regarding kitchen, living-room and/or bedroom furniture. Approaches focusing, for example, on confined spaces, experience value, functionality or electronic networking, could play a part in this. It is important for entries to show which furniture hardware can be used for realising a particular design. Given the international nature of the competition and different cultures it embraces, entries are not required to follow any specific trend. Tables and seating will only be assessed if they exhibit particular technical functional attributes.

They came from all over the globe to the prize presentation at Interzum 2003 in Cologne: the winners of the first, second and third prizes in the 2003 International Furniture Design Competition together with their professors. Photo: Hettich

In view of the huge international interest attracted in 2003, the fifth International Hettich Furniture Design Competition is once again being extended to include furniture knobs and handles. Designs are to reflect functional, practical aspects (haptics), current and future furnishing trends as well as the way in which materials can be used. In addition to being innovative, designs are expected to be practicable in terms of their production. This means that it must be possible to manufacture handles and knobs economically and ecologically using existing production technologies (metal-cutting, metal/plastic die-casting, lacquered and/or galvanising). Not permitted are: Iron/aluminium casting/aluminium milling, laser processing, coating or metallising of surfaces, galvanic gold-plating, or the use of tropical woods.

Made up of designers and development managers from global furniture manufacturers as well as university and/or college professors/lecturers, an autonomous panel of judges will assess the entries in April 2005. Cash prizes totalling € 10,000 are being offered for the storage furniture category and € 5,000 for the furniture handle/knob category. The prize money will go to the universities/colleges concerned.

Prizes will be presented at the Interzum exhibition in Cologne from 29th April to 3rd May 2005. The closing date for registration is 31st October 2004. Designs must be submitted by 31st March 2005.

Email: mailto:skuehne@de.hettich.com
Web: http://www.hettich.com

Sanitec Prepares to Start Production in the Ukraine

Sanitec Corporation plans to start acrylics production in the Kiev region of the Ukraine in 2005. At the moment, Sanitec has a sales office in Kiev and regional representatives in four other locations throughout the country. After five years of operation in the Ukraine, the company is well established there. Acrylic bathtubs are quite a new solution for bathrooms in the Ukraine, and there is no local production to date.
 
'The Ukraine is one of the fastest growing market areas, as is the rest of the Eastern Europe, and therefore a core market that fits well within Sanitec's growth strategy. The country is adopting Western European economic models and wants to approach the EU socially and culturally. Sanitec regards the market as an excellent opportunity with new intelligence and talent,' comments Marek Kukuryka, Senior Vice President, Central Eastern Europe and Export.
 
'We feel it is definitely worth expanding our activities in the Ukraine, as it is a country representing a market potential of 48 million people. Gross domestic product per capita is 926 euros, and this is expected to increase by 8% in 2005. Sanitec already has an excellent network of nine distributors in place in the country. The acrylics factory will answer not only local, but even European demands for bathroom solutions,' continues Mr Kukuryka.
 
The planned production plant will be part of Sanitec's Ceramics, Acrylics & Enclosures (CA&E) division. CA&E's principal acrylic products are bathtubs and shower trays, which are mainly marketed with locally well-known brands, such as Allia, Keramag, Kolo, Sphinx, and Twyford. The start-up of the new investment is planned for next year.
 
Sanitec's other acrylics factories within the CA&E division are situated in Minsk and Ozorków, Poland, in Vendôme, France and in Varde, Denmark. Wellness oriented acrylics products are produced in Spilimbergo, Italy, Bayonne, France, and Hirzenhain, Germany. Currently, Sanitec's overall sales volume for acrylics products is approximately a half million pieces per year. The company's market share is approximately eight percent of the entire European bathtub and shower tray market.