TTK Prestige gains on acquisition of UK-based kitchenware firm

The stock rallied nearly 8% to Rs 4,690 on the BSE in early morning trade.

TTK Prestige has rallied nearly 8% to Rs 4,690 on the BSE in early morning trade after the company engaged in houseware business said it will acquire a UK-based kitchenware company Horwood Homewares for an undisclosed sum.

TTK Prestige, through its wholly-owned subsidiary TTK British Holding has acquired 100% of the equity shares of Silampos UK Limited. Through this transaction, TTK Prestige acquired 100% of equity and business of Horwood Homeswares, one of the largest table and cookware suppliers in the UK, the company said in a statement.

“Horwood brands will provide a strong footing for the rapid expansion of TTK’s business in the European markets. We will combine the design, manufacturing and marketing capabilities of TTK Prestige to expand and grow the Horwood business in the European markets”, said T T Jagannathan, executive chairman, TTK Prestige.

At 09:30 am, the stock was up 6% at Rs 4,635 on the BSE. A combined 8,484 shares changed hands on the counter on the BSE and NSE.