Germany's Welle restructures, seeks American partner
By Powell Slaughter -- Furniture Today, February 17, 2002
COLOGNE, Germany — A restructuring at Welle Holding AG, one of Europe's largest furniture manufacturers, could lead to new ownership of the family-owned company's various operations.
Welle had 2001 sales around $611 million in upholstery, kitchen cabinetry, office, youth bedroom and ready-to-assemble baby furniture.
"The group has been restructured into individual companies, which will go their own way and operate independently," said Werner Welle, president and chief executive officer.
Welle Holding now is a pure holding company with eight independent subsidiaries. The structure allows those subsidiaries to form partnerships with other potential owners.
Werner Welle has no family members in the business and is reaching retirement age. Over the next two years, he hopes to find partners looking to get into the European market with a well-established name and local manufacturing.
"We're prepared to give shares, including majority ownership," he said. "We're looking for an American partner ? who's interested in developing its own activities in Europe. We want to start a dialogue to form a relationship in whatever way."
Welle has 6,200 employees. In 2001, its Himolla upholstery division accounted for $216 million in sales. Kitchen sales totaled around $86.5 million, while office, youth and infant furniture totaled $308 million.
The company currently does kitchen business in the United States, but has stopped shipments of other categories. "It's difficult to export to the United States from Germany in mass-market price points," Welle said. "Wages in Germany are quite high."
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