Steinhoff sells Steinpol to Cotta for € 26.5m

25.01.2019 − 

On January 11, Steinhoff International Holdings reached a final agreement with the Liechtenstein Cotta Group on the details of the sale of the Polish upholstered furniture manufacturer Steinpol. According to a recent announcement by Steinhoff, the purchase price is € 26.5m. Steinhoff expects the transaction, which is still subject to approval by the antitrust authorities, to be completed on or around January 31.

The companies had already announced the planned sale of Steinpol to Cotta in mid-September. The existing Steinpol management around Managing Director Jürgen Mussmann and Sales Manager Jens Frühling will remain in office and all locations even after the takeover. According to Steinhoff, Steinpol operates eight plants in Poland and one site in Hungary. With the sale of Steinpol, Steinhoff is completely withdrawing from European furniture production. The two former Steinhoff subsidiaries Impuls Küchen and Puris Bad, located in Brilon, were sold at the beginning of September retroactively to April 1, 2018 to the holding company Brimax and the Impuls and Puris Managing Director Georg Billert.

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