Abu Dhabi – Mubasher: Ras Al Khaimah Ceramics (RAK Ceramics) has signed a share purchase agreement to fully acquire KLUDI Group, a German-based company specialised in manufacturing kitchen and bathroom faucets and showering systems.
KLUDI has its manufacturing businesses across Germany, Austria, Hungary, and the UAE, with sales across Europe, Asia, and the Middle East, according to a bourse filing on Tuesday.
Set to be completed by 31 May 2022, the transaction is subject to regulatory approvals.
It is noteworthy to mention that in 2021, RAK Ceramics recorded net profits attributable to the owners of AED 246.47 million, versus net losses of AED 129.72 million in the earlier year.
