UK carpet maker Victoria in talks to buy a part of Belgium's Balta (updated)
22/11/2021 13:12
(Adds background, share move)
Nov 22 (Reuters) - Flooring products maker Victoria Plc
VCP.L said on Monday it was in talks to buy a part of
Belgium's Balta Group NV BALTA.BR , as the British firm looks
to expand its business.
"The board can confirm that it is in discussions to
potentially acquire a profitable, growing part of Balta's group
that it believes possesses good synergy opportunities with
Victoria's existing business," the UK firm said in response to
media reports that it was in talks with the Belgian company,
which produces textile floor coverings.
Victoria added that it was not looking at buying the whole
of Balta, which also makes carpets and rugs.
The largest carpet maker in the UK, Victoria also has
operations in Australia among other countries.
The 126-year-old firm, which has seen strong growth in the
wake of the COVID-19 pandemic as people increasingly worked from
home and refurbished their residences, recently bought Turkish
ceramic tile producer Graniser for 8.4 million euros.
Balta has around 4,000 employees, with its products
manufactured in nine locations and sold to more than 130
countries.
The Belgian company, which has a market value of about 92
million euros ($104 million), did not immediately respond to a
Reuters' request for comment.
Shares of Victoria were 1.4% higher as of 1222 GMT, while
Balta was up about 2%.
($1 = 0.89 euros)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Maju Samuel)
((abyjose.koilparambil@thomsonreuters.com; +919986528692))