StockMarketWire.com - Homewares manufacturer Portmeirion has acquired the remaining 50% of the issued share capital of Portmeirion Canada from Royal Selangor, for a total cash consideration of CA$1m.

Following the purchase, the group now owns 100% of the issued share capital of Portmeirion Canada.

Portmeirion said that as part of the acquisition, key licence distribution agreements in the Canadian marketplace are expected to continue, while it has also agreed to purchase certain assets from Royal Selangor.

Chief executive Mike Raybould said: 'By acquiring the remaining 50% share of Portmeirion Canada and certain trade and assets of Royal Selangor, we obtain control over the selling and distribution process in this market and the rights to key licence distribution agreements.

'As we previously announced, one of the uses of the recent equity raise proceeds was to build a more significant presence in the Canadian market and it is therefore pleasing to have achieved this strategic goal in such a short timeframe.'

The group confirmed that Portmeirion Canada will continue to operate from its current office and warehouse facilities and retain the combined workforce.


At 9:49am: [LON:PMP] Portmeirion Group PLC share price was 0p at 367p



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