Eureka, Swiss firm in 50:50 JV

New firm, EuroLux International, to focus on expanding market.

Eureka Forbes today announced a joint venture (JV) agreement with Switzerland-based Lux International AG, and it is named EuroLux International.

The new company, which will be based in Zug, Switzerland, has equity participation from the two firms in a 50:50 ratio.

Activities of the JV will be focused on market expansion as well as product development. The agreement was signed in London in September.

Suresh Goklaney, managing director, Eureka Forbes, said, "Both partners share a common goal of understanding the consumers, bringing to them high-quality solutions, developing relationships and databases and, above all, nurturing our brands and our employees. In our business, our employees and sales people are our brand. With this JV, we aim to further expand direct sales business into new markets around the world."

The two companies are looking at pooling their expertise in the areas of vacuum cleaning, water and air purification, steam cleaning and healthy cooking systems to offer top of the line products in an increasingly global market.

Some of the markets that Eureka Forbes and Lux International are targeting include the Middle East, South Africa, Russia and Latin America.

Lux International, a 100-year-old company, had been part of the Electrolux group for a number of years before becoming independent in 1998.