StockMarketWire.com - Flooring company Victoria said it had agreed to acquire Turkey-based ceramic tiles manufacturer Graniser for €8.4 million.

Graniser generated revenues in 2020 of €59.3 million and 'normalised' earnings before interest, tax, depreciation and amortisation of about €9 million, Victoria said.

Graniser had around €39.8 million of net debt, which Victoria said would be paid on completion of the acquisition.

Completion was subject to procedural approval by the Turkish competition authorities and was expected in December.

'Victoria's ceramic tiles business continues to go from strength to strength,' chief executive Philippe Hamers said.

'The low-cost manufacturing environment that Graniser offers will give Victoria the ability to leverage its manufacturing expertise and brand strength to further drive operating margins.'


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