New Delhi: Bangalore-based TTK Prestige on Monday said it will acquire a UK-based kitchenware company for an undisclosed sum.
TTK Prestige informed the BSE that its UK-based wholly-owned subsidiary TTK British Holding has entered into an agreement for acquisition of the target company.
"The target is a branded player with a century-old existence. The name of brand involved will be shared on completion of the deal," it said.
"The target has experienced marketing, sales and distribution strength. The target does not have any manufacturing base but outsource all of its requirement from third party manufacturers," TTK Prestige added.
The TTK group firm said that the target is of the size of 18 million pounds (Rs 170 crore) with a double digit EBIDTA margins.
"The business offers potential for a long-term presence of TTK Prestige in UK and Europe through its subsidiary," TTK said, adding that it has "plans to leverage its domestic manufacturing capacity to cater these branded segments".
It further said "the consolidated financial are expected to result in superior turnover, profits and RICE".
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