SEBYY - Groupe SEB Preciber forms JV to bolster its presence in Africa

Groupe SEB (OTCPK:SEBYY) has signed an agreement with Preciber, a family- company in Morocco owned by Mr. Mohammed Berrada and Precima, leading to the creation of the joint venture Groupe SEB Maroc, which is 55% controlled by Groupe SEB to have a strong foothold in Africa. Precima is the manufacture and distributor of cooking appliances such as pressure cookers under the EXPRESS brand, the manufacture and distribution of gas appliances, and the marketing of water heaters and boilers. The pact will enable Groupe SEB to accelerate the development of its sales in Morocco and to make the most of the strong potential of this market. Under the terms, Groupe SEB Maroc will import and distribute exclusively Groupe SEB products in Morocco (small household appliances and cookware), as well as distribute EXPRESS brand pressure cookers in modern distribution.

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Groupe SEB, Preciber forms JV to bolster its presence in Africa