Hoshizaki buys Gram

Danish refrigeration manufacturer Gram Commercial has been acquired by the Japanese commercial kitchen equipment company Hoshizaki Group for DKr395m (£41.9m).

The family-owned Japanese business with a turnover of €1,115m (£882m) and Gram Commercial, which achieved a turnover of DKr310m (£32.9m) in 2007, aim to combine their knowledge to develop new energy-saving products in order to increase their worldwide market share.

Hoshizaki's business plan is to raise the current overseas turnover rate of 23.8% in consolidated sales to 34% in the fiscal year ending December 2012. "We aim to be the world market leader in commercial refrigerators," said group president Seishi Sakamoto.

Finn Jensen, who will continue as CEO of Gram Commercial after the change of ownership, added: "This is a very positive development for Gram Commercial, and it will definitely create many new opportunities. The new ownership is a decisive step towards strengthening our market position."

By Emma White