Nowy Styl enters Switzerland
11:27
Polish furniture manufacturer Nowy Styl has purchased Switzerland's office furniture producer Sitag, a press release read. The value of the deal has not been disclosed.
Alongside the company, Nowy Styl has acquired a supply chain and a production plant in Sennwald. Sitag has been operating for 50 years, its annual revenue reaches some CHF 30 million.
The transaction is a result of a few months of negotiations and additional funding obtained by the Polish company, the press release also read.
Nowy Styl is selling its products in 100 countries. It recorded over PLN 1 billion in sales revenue last year.
Last year, the Swiss furniture market was valued at around CHF 500 million.
