ITALIAN group De'Longhi is to buy food blender-to-kettles maker Kenwood Appliances in a £45.9m deal.
Kenwood said it had reached agreement with the family-owned Italian firm on the cash offer, which would create a leading European manufacturer of air conditioning, heating, cooking and food preparation appliances.
Kenwood chairman David Nash said the group had received a number of approaches recently but considered De'Longhi's offer was "in the best interests of shareholders".
He said: "Becoming part of De'Longhi represents an opportunity for Kenwood and its employees to work with a substantial European partner capable of making the most of Kenwood's strengths and reputation in the market."
The deal follows a tough few years for Kenwood, which reported an £11m loss in 1997, then went on a three-year restructuring plan, cutting jobs and moving production abroad
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article