Worcestershire's Victoria Carpets sells Turkish tile business
Victoria PLC, the international carpet and flooring company headquartered in Kidderminster, has sold its ceramic tile manufacturer, Graniser, in Izmir, Turkey for more than £30 million.
The deal includes a long-term agreement for the supply of Victoria Group-specific ceramic tiles at manufactured-cost pricing.
The company said that Graniser has seen instability in several of its key markets and it has now sold the business to Duratiles, part of the well-established Akgün Group.
Philippe Hamers, Group Chief Executive of Victoria, said: “Having experienced a difficult demand environment recently, the sale of Graniser to, and partnership with, Mr Akgün will provide Victoria’s ceramic tiles business continued access to cost-effective tiles whilst contributing towards the deleveraging of the Group’s balance sheet by reducing leverage by approximately 0.5 times.
“The sale of Graniser will have no impact on our other Turkish businesses, which employ 900 people extruding synthetic fibre for our soft flooring factories, and manufacturing rugs for export to Europe and the United States, and remain an important part of the Group.”
Victoria PLC reported a 43.3 per cent increase in revenue to £1.46 billion, up from £1 billion in 2022.
