Alvar Aalto-founded Finnish modern design house was sold to Swiss firm Vitra. In a joint announcement today by Finnish house Artek and Vitra, they said the sale would provide more company exposure worldwide. The announcement did not discuss the terms of the sale.
Artek Chief Executive Officer Mirkku Kulberg said, "The international dimension, which was a clear goal already in Artek's founding manifesto of 1935, needed to be revitalized. That arena is where we want to be, and alliances or ownership arrangements are one way of building the future."
European economy's prolonged downturn has began to stress Finland, regardless of the fact that the latter has string finances. Both companies also said it would cut manufacturing, logistics and distribution costs.
Although Artek does not report financial reports, the Finnish design house's pieces are considered collectibles. In a home and decor boutique in London, an A809 floor lamp by Aalto is being sold for GBP2,495 or USD3,900. Vitra manufactures furniture work of well-known designers like Charles and Ray Eames.
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