Faze Three buys Germany’s Pana Textile; share down 6%
Faze Three Ltd has acquired 76 per cent stake in Germany’s Pana Textile, a leading manufacturer of bathmats in Europe, for 5.8 million euros.
By INDIATIMES NEWS NETWORK |
MUMBAI: Faze Three Ltd has acquired 76 per cent stake in Germany’s Pana Textile, a leading manufacturer of bathmats in Europe, for 5.8 million euros.
Despite this positive news, Faze Three shares were down 6.56 per cent at Rs 47.45 on BSE at 12:21 pm.
Faze Three will have complete access to the manufacturing facilities of Pana which are located in Germany and Hungary. Both companies will complement each other in areas such as cost competence, design capabilities, technology, wide product portfolio and systems & processes.
Faze Three is confident of achieving 50 per cent growth.
Despite this positive news, Faze Three shares were down 6.56 per cent at Rs 47.45 on BSE at 12:21 pm.
Faze Three will have complete access to the manufacturing facilities of Pana which are located in Germany and Hungary. Both companies will complement each other in areas such as cost competence, design capabilities, technology, wide product portfolio and systems & processes.
Faze Three is confident of achieving 50 per cent growth.
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