Victoria may buy Balta business operation
November 23, 2021
Victoria plc has confirmed it is in talks with Belgium carpet conglomerate Balta to buy part of its operations following press speculation about an acquisition.
In a statement to shareholders following comments in the financial press, the Kidderminster-based plc said some of the speculation was not accurate but added: "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. For the avoidance of doubt, the Board confirms that Victoria is not contemplating an acquisition of Balta as a whole.
"There is, of course, no guarantee that any transaction will take place, but, if it did, terms would be in line with Victoria's usual acquisition criteria including being materially earnings accretive, and it could be funded entirely from the Group's existing resources and in line with the Board's financial policy," it said.
Victoria CEO Philippe Hamers joined the company in 2017 from Balta, where he served as general manager for its residential, commercial and non-woven businesses for many years.
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