The financial crisis has had no effect, so far, on bedroom furniture maker Aminach Furniture and Mattress Industries Ltd., which is to open 13 new showrooms in Israel and Hungary at an investment of NIS 6.5 million.
"I don't think the crisis will affect us. In Hungary, as far as we can see, the economy is beginning to emerge from a recession. We don't yet know what will happen in Israel and I hope things will work out," says Aminach owner and CEO Roni Schwarz. Aminach, which first began producing bed fittings and mattresses in 1948, operates three branded retail chains - the Aminach Center chain, which has 18 branches nationwide; the Good Night bedroom furnishings chain which has nine warehouses; and American Comfort, which has 16 branches.
Aminach currently operates nine showrooms in Hungary under the Kardo brand. It recently opened a showroom in the Hungarian capital Budapest and plans to open additional stores in Miskolc and Szeged by the year end, at an investment of NIS 1.5 million. Aminach first entered Hungary in 1993 when it acquired a local factory. Schwarz says the company intends to expand its chain in Hungary to 20 branches within four years.
"From the retail aspect, Hungary is, at least, as developed as the Western countries we're familiar with, and it is far more developed than Israel. All the leading global food and DIY chains operate there, although not all the chains in our sector do," Schwarz adds.
Aside from Hungary, Aminach exports its products to 14 other countries including Ukraine, Russia, the US, Australia and Colombia.
Published by Globes [online], Israel business news - www.globes-online.com - on October 5, 2008
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