Faze Three acquires 76 pc stake in German firm
Home furnishings maker and exporter Faze Three Ltd (FTL) on Tuesday said it has picked up a 76 per cent stake in Germany-based Pana Textil GmbH for Rs 33.33 crore.
By PTI |
MUMBAI: Home furnishings maker and exporter Faze Three Ltd (FTL) on Tuesday said it has picked up a 76 per cent stake in Germany-based Pana Textil GmbH for Rs 33.33 crore.
With the acquisition, the company would have access to the manufacturing facilities of Pana located in Germany and Hungary, Faze Three said in a communique to the Bombay Stock Exchange.
"This acquisition will bring the company closer to its customers and also enable it to increase its footprint in the European market," it said.
The company would add more printed bathmats and nano technology to its existing product range, which are the requirements of major European, UK and American retailers, Faze Three said.
Pana Textil GmbH is over 50 years old company and one of the leading manufacturers of bathmarts in Europe.
Faze Three shares were trading down by 6.56 per cent at Rs 47.45 on the BSE.
With the acquisition, the company would have access to the manufacturing facilities of Pana located in Germany and Hungary, Faze Three said in a communique to the Bombay Stock Exchange.
"This acquisition will bring the company closer to its customers and also enable it to increase its footprint in the European market," it said.
The company would add more printed bathmats and nano technology to its existing product range, which are the requirements of major European, UK and American retailers, Faze Three said.
Pana Textil GmbH is over 50 years old company and one of the leading manufacturers of bathmarts in Europe.
Faze Three shares were trading down by 6.56 per cent at Rs 47.45 on the BSE.
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