TTK Prestige shares jump 5.3% after acquiring UK-based Horwood Homewares
Shares of TTK Prestige Limited was up by 5.3 percent at Rs 230 to touch Rs 4582.50 at 1 pm today on news reports that its wholly owned subsidiary TTK British Holdings Limited has acquired 100 percent equity shares of Silampos UK Limited. Through this transaction, the company has acquired 100 percent equity and business of Horwood Homewares Limited, one of the largest table and cookware suppliers in the UK.
Commenting on the transaction, T T Jagannathan, Executive Chairman, said, “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.”
Jeremy Horwood, fourth generation member of the Horwood family, said this was the next stage in Horwood’s development. The company was started by his great grandfather in 1896.