BSH acquires Fagor Mastercook

Household appliance production group BSH (Bosch und Siemens Hausgeräte) will acquire bankrupt FagorMastercook, as the German company signed a preliminary deal with Fagor's receiver on Friday, Polish Radio Wrocław reported. Chinese Haier's offer had not been taken into consideration. The deal is valued at PLN 90 million. In line with the deal, PLN 5 million will be committed to severance pay for the employees. The factory will restart its production within 18 months. BSH has vowed to invest PLN 120 million into the production plant and employ 500 people. There are now 800 employees at the bankrupt firm, they will be officially let go at the end of the month. FagorMastercook has been in bankruptcy for two years.