GROHE Takes Full Ownership of Grome Joint Venture
GROHE AG , the world ” s leading provider of sanitary fittings , announced that it has acquired from Mesma Holdings Ltd . the remaining 50 percent stake in the joint venture entity Grome Marketing ( Cyprus ) Limited (“ Grome ”). With this acquisition , GROHE takes full ownership and control of Grome .
Grome was formed in 1983 by Juergen Lorenz as an exclusive agency for GROHE products covering the Middle East , the East Mediterranean and North and West Africa , a region comprising close to 50 markets . In 1993 , GROHE acquired 50 percent of Grome . Since then , the shareholders of Grome have continued to successfully expand the GROHE business which today commands leading positions across key markets .
Building on these positions , GROHE as sole owner intends to enter the next stage of business growth fueled by , amongst others , the introduction of new product categories and technologies . Further , the acquisition is also in accordance with a wider corporate initiative to simplify governance structures and decision making processes .