Click image to enlarge
Just weeks after we reported that negotiations were happening. We are sorry to announce that Aga, the workhorse cooker of British farmhouse kitchens for generations, has been bought by the Yanks.
It was announced last week that Aga Rangemaster will now be ‘the European platform’ for American equipment firm Middleby, who paid £129 million for the British manufacturing firm. All of this seems to have happened remarkably quickly as it was just a few short weeks ago that the announcement was made that negotiations were occurring.
Invented by a Swedish Nobel Prize-winning physicist Gustaf Dalen, the distinctive cast-iron ovens began production in the Midlands in the 1920s where it has continued production to this day. The American firm have immediately reassured workers at the factory in Coalbrookdale in Shropshire that not only would they be keeping the Aga name and product, but they would carry on making the ovens in Britain…. for now.
If history is anything to go by the timeline that we may now expect is as follows:
The current management will be replaced inside of 12 months, various assets from the businesses will be stripped and sold for considerable profit and production (either in part or in it’s entirety) will move to Eastern Europe on or around the 3 year anniversary of the sale.
We do not mean to be pessimistic but this is exactly what happens, more often than not, when Britain sells it’s family silver. The madness must end!
I agree. Or….. you could buy your cooker from Ecorangecookers http://www.ecorangecooker.co.uk/
Booooooooooo!!!! How could they 🙁
An absolute travesty , how could they indeed?!
I agree with the article, very regretful.
The really annoying part about this is that AGA has effectively packaged up many of the other great British cooker brands in addition to their own, Rangemaster, Falcon, Mercury, Rayburn etc, which cover a wide range of pricepoints and are not all expensive by any means, and delivered them into foreign ownership. It seems to me the managment were fine until things became a little more difficult with the pension fund and trying to expand overseas. They have just taken the easy route and will no doubt take their money and run at some point. Really the lack of patriotism and commitment to the long term future of their companies of some British directors disgusts me. I cannot understand why the Government and we as consumers continue to accept this as the norm. The government should do whatever it takes to make the first port of call for any company looking to sell or falling prey to hostile takeovers to become mutually owned. If a large chunk of British industry was owned this way we would build in stability for the future and we who care could proudly buy British.
We have also been thinking about the mutually owned route for British business on the brink of foreign takeover. Would it be possible to crowdfund a business like this into public ownership???
Might be interesting to try!
Good idea. If you look at the numbers in this case it should have been easily possible. Another option is a peoples investment bank set up specifically to take companies into mutual ownership. If only people understood the perils of not doing this and allowing this sell off madness to continue.