Victoria acquires Ceramiche Serra for up to €56.5m
Source - SMW
Victoria has agreed to acquire Italian ceramic flooring manufacturer Ceramiche Serra for up to €56.5m (£50.4m).
The deal will be funded from cash reserves and existing debt facilities, Victoria said.
An initial sum of €36.5m will be paid on completion, with the balance to be paid over the next four years, subject to the business meeting annual earnings targets.
"Serra is a very important acquisition for us and one which reinforces our strategy of targeting earnings enhancing acquisitions to expand our business, in addition to our focus on organic growth," chairman Geoff Wilding said.
"It will make an immediate positive contribution to Victoria's performance whilst diversifying our market exposure. Post-completion, nearly 40% of Victoria's earnings will come from outside the UK -- continuing our transformation into a genuinely international flooring business."
At 9:11am: (LON:VCP) Victoria PLC share price was +24.5p at 720.5p