Home appliance group Glen Dimplex is set to increase sales from its Japanese operation to €100 million over the next four years, its chief executive Sean O'Driscoll said yesterday.
Speaking at the opening of a new showroom in Tokyo, Mr O'Driscoll said that within two years of establishing in Japan Glen Dimplex had reached the point where it was generating sales of €30 million. He added that, by 2010, the Meath-based group planned to increase this to €100 million.
Glen Dimplex specialises in domestic appliances such as electric heaters, kettles, ovens and other products. The company has launched a specialist range of heaters for the Japanese market and began doing business in the far eastern country in 2004.
Mr O'Driscoll said yesterday that Japanese power companies were currently promoting the concept of the all-electric home in an effort to encourage the country's consumers to switch from gas to electricity. Glen Dimplex is marketing its products on the back of that promotion.
Glen Dimplex has operations in Ireland, the UK, Europe, the US, China and Japan. Its ultimate parent is a private unlimited entity and is not obliged to file financial returns.
Two years ago the company stated that its turnover was €1.5 billion. Since then it has grown considerably from organic growth and acquisitions. Its current revenue is believed to be in the region of €2 billion. Mr O'Driscoll refused to confirm that yesterday but he did say sales were well in excess of €1.5 billion.
Since the beginning of the year, Glen Dimplex has made a number of acquisitions. These include US-based industrial coolant producer Koolant Kooler, which has operations in Michigan and California.
That company has sales in excess of $50 million a year. Glen Dimplex did not reveal the purchase price.
Mr O'Driscoll said yesterday that Koolant Koolers was one of the biggest players in industrial coolers in the US.
He added that Glen Dimplex would continue to look for acquisition opportunities but it had no specific targets at the moment.
Mr O'Driscoll also revealed yesterday that it recently sued a US company for breach of patent after it reproduced the Irish group's "flame effect" home heaters. The US courts awarded it $12 million.
He said that it had won a similar case in the Canadian courts, but damages had yet to be decided.
Glen Dimplex is taking part in the trade mission to Japan and China led by Enterprise Ireland and the Minister for Enterprise, Trade and Employment, Micheál Martin. During the course of the week, Irish companies are expected to sign deals with a potential value of €250 million.
