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Fiskars

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This article is about the company. For the village in which this company was founded, see Fiskars, Finland.
Fiskars Corporation
Native name
Fiskars Oyj Abp
Company typeJulkinen osakeyhtiö
Nasdaq Helsinki: FSKRS
IndustryConsumer products
Founded1649; 375 years ago (1649)
Headquarters
Espoo
,
Finland
Key people
ProductsScissors, gardening tools, kitchenware, glassware, ceramics, knives, outdoor equipment
RevenueIncrease €1.25 billion (2022)[1]
Decrease €151 million (2022)[1]
Increase €98.2 million (2022)[1]
Total assetsIncrease €1.59 billion (2022)[1]
Total equityIncrease €835.6 million (2022)[1]
Number of employees
6,595 (as of 31 December 2022)[1]
ParentFiskars Group
Subsidiaries
List
Websitefiskarsgroup.com
Footnotes / references
[2]

Fiskars Group (natively Fiskars Oyj Abp, formerly Fiskars Oy Ab until 1998),[3] is a Finnish consumer goods company founded in 1649 in Fiskars, a locality now in the town of Raseborg, Finland, about 100 kilometres (62 mi) west of Helsinki. It is one of the oldest continuously operating companies in the World. Fiskars' global headquarters are located in the Keilaniemi district of Espoo, near Helsinki.

Fiskars is best known for its orange-handled scissors, created in 1967. The company operates as an integrated consumer goods company and has two strategic business units: SBU Living and SBU Functional.[4]

History

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A pair of scissors with orange plastic handles, the best-known product by Fiskars

Fiskars Corporation was formed in 1649, when a Dutch merchant named Peter Thorwöste was given a charter by Christina, Queen of Sweden to establish a blast furnace and forging operation in the small village of Fiskars; however, he was not permitted to produce cannons.[5] This makes it the oldest privately owned company in Finland.[6] The furnace produced pig iron that was shingled to wrought iron in the finery forges powered by water wheels. In the early years, Fiskars made nails, wire, hoes, and metal-reinforced wheels from wrought iron.

Waterford Crystal Ball, designed for the New Year's celebrations at Times Square in 2012

In the late eighteenth century, copper was discovered in nearby Orijärvi, and thus the focus of production shifted to processing copper from the Orijärvi mine. For almost 80 years, Fiskars main source of business came from copper, however by the nineteenth century, there was little copper left in Orijärvi.[7]

In 1822, the apothecary Johan Jacob Julin (later, von Julin) from Turku acquired the Fiskars ironworks and village. During this time, the ironworks were actively developed and production focused on processing iron. In 1832, the first cutlery mill in Finland was founded in Fiskars, with the production range increasing from knives to include forks and scissors.

In 1915, Fiskars was listed on the Helsinki Stock Exchange. In September 2015, Fiskars celebrated 100 years of being listed on the Nasdaq Helsinki Stock Exchange, along with Nokia, Wärtsilä and UPM.[7]

Fiskars is perhaps best known for its scissors and their distinct orange colored handles. The first pair was manufactured in 1967 and had prototypes with handles in black, red, green and orange. After an internal vote at Fiskars, the orange color was chosen. That same orange color, Fiskars Orange, was officially registered as a trademark in Finland in 2003 and in the US in 2007.[7] In 1977, Fiskars founded a scissors factory in the United States to provide a basis for international trade and further expansion.

In 2007, Fiskars acquired both Iittala[8] and Leborgne[9] which strengthened the company's position in the kitchenware and table top categories as well as the garden tools business. The acquisition of Royal Copenhagen in 2013 complemented Fiskars tableware offering with hand-painted porcelain and strengthened the company in the Nordic countries and in Asia. In 2015, Fiskars acquired the Waterford Wedgwood group of companies (WWRD) and its portfolio of luxury home and lifestyle brands.[10]

In April 2020, Fiskars Group President and CEO Jaana Tuominen stepped down from her position with CFO Sari Pohjonen appointed interim CEO.[11] Nathalie Ahlström started as the new President and CEO.[12] The company's net sales had been on a downward trend and the company had not had a clear growth strategy. At the end of 2021, a new strategy was announced, focusing on five brands: Fiskars, Iittala, Royal Copenhagen, Gerber and Moomin Arabia. The company's main channel was its own channels: shops and online stores.[13]

In 2022, the divestment of the company's American watering business, in other words the Gilmour and Nelson brands, was finished.[14] Fiskars Group's new head office was completed in spring in Espoo, between the Keilaniemi metro station and the Jokeri Light Rail terminal.[15] In October, Fiskars Group announced that it would make a €10 million renewable energy investment at the Iittala glass factory to replace the factory's existing, natural gas powered furnaces with electric furnaces in order to reduce its annual carbon dioxide emissions by 74 per cent by the end of 2026.[16]

Today

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Military entrenching tool manufactured by Fiskars for the US Marines

Fiskars Corporation is made up of two strategic business units: SBU Living and SBU Functional. Fiskars' three primary reporting segments are Living, Functional and Other. Fiskars' Other-segment contains the Group's investment portfolio, the real estate unit, corporate headquarters and shared services. In addition, Fiskars reports group-level net sales for three secondary reporting segments: Americas, Europe and Asia-Pacific.[15]

SBU Functional creates tools for use in and around the house and outdoors under brands such as Fiskars and Gerber. SBU Living offers a wide range of products for tabletop, giftware and interior décor under brands such as Iittala, Wedgwood, Waterford, Royal Copenhagen, Arabia, Rörstrand and Royal Doulton.

Fiskars' products are available in more than 100 countries and after the acquisition of WWRD, the company employs around 8,600 people in over 30 countries.[10]

Financial

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In 2015, Fiskars recorded net sales of 1,105 million euros and an adjusted operating profit of 65.1 million euros. Cash flow from operating activities was 47.6 million euros.[17]

In 2016, Fiskars recorded net sales of 1,204.6 million euros and an adjusted operating profit of 93.8 million euros. Cash flow from operating activities was 83.8 million euros.[18]

References

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  1. ^ a b c d e f "Financials | Fiskars Corporation". www.fiskarsgroup.com. Retrieved 2023-05-04.
  2. ^ "FSKRS, Fiskars Oyj Abp, (FI0009000400)". NASDAQ. Retrieved 18 November 2017.
  3. ^ "Fiskars Oyj Abp". Kauppalehti (in Finnish). Retrieved 5 June 2024.
  4. ^ "Highlights 2016 - Fiskars". Fiskars. Retrieved 2017-03-20.
  5. ^ "Fiskars Village History". Retrieved 2017-11-19.
  6. ^ G. Kock. "Suomen vanhimmat yritykset listattu". www.porssitieto.fi. Retrieved 2017-11-11.
  7. ^ a b c "Fiskars 1649 - 365 years of Finnish Industrial History" (PDF). www.fiskarsgroup.com. Fiskars Oyj Abp. 2009. Retrieved 2017-01-10.
  8. ^ "FISKARS ACQUIRES IITTALA GROUP | Fiskars Corporation". www.fiskarsgroup.com. 2007-06-29. Retrieved 2017-01-10.
  9. ^ "FISKARS ACQUISITION OF LEBORGNE FINALIZED | Fiskars Corporation". www.fiskarsgroup.com. 2007-05-21. Retrieved 2017-01-10.
  10. ^ a b "Fiskars Corporation acquires the renowned WWRD and extends its portfolio with iconic luxury home and lifestyle brands | Fiskars Corporation". www.fiskarsgroup.com. 2015-05-11. Retrieved 2017-01-10.
  11. ^ Maija, Taimi. "Fiskars Group President and CEO Jaana Tuominen to step down, CFO Sari Pohjonen appointed interim CEO". Fiskars.com. Fiskars Business Group. Retrieved 21 April 2020.
  12. ^ Startel (2020-09-02). "Fiskarsin uusi toimitusjohtaja aloittaa marraskuun lopussa". Ilta-Sanomat (in Finnish). Retrieved 2023-04-17.
  13. ^ Palmén, Joanna. "Kotoilubuumi antoi Fiskarsille vain alkuvauhdit – Näin komeasti ja itsevarmasti bränditalo on kattanut pöytänsä". Talouselämä (in Finnish). Retrieved 2023-04-17.
  14. ^ Nihtinen, Rono. "Fiskars luopuu Pohjois-Amerikan kastelutuotteistaan". Tärkeimmät talousuutiset | Kauppalehti (in Finnish). Retrieved 2023-04-17.
  15. ^ a b "Introducing Fiskars | Fiskars Corporation". www.fiskarsgroup.com. Retrieved 2017-01-10.
  16. ^ Herrala, Olli. "Fiskars investoi 10 miljoonaa euroa Iittalan lasitehtaaseen – Ministeriö myönsi 2,9 miljoonan euron rahoituksen". Talouselämä (in Finnish). Retrieved 2023-04-17.
  17. ^ "Fiskars Annual Report 2015" (PDF). Fiskars Corporation. Retrieved 2017-01-10.
  18. ^ "Fiskars Group Annual Report 2016" (PDF). Fiskars Group. Retrieved 18 November 2017.
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