ABU DHABI, UAE: RAK Ceramics announced the signing of a Share Purchase Agreement for the acquisition of 100% stake in KLUDI Group.
KLUDI Group includes KLUDI GmbH & Co KG, Scheffer Beteiligungs GmbH, KLUDI Armaturen GmbH & Co KG, KLUDI Armaturen GmbH, Austria, KLUDI Management GmbH and KLUDi RAK, UAE.
KLUDI Group is an established leading German-based company engaged in manufacturing high-quality kitchen and bathroom faucets and showering systems.
The company, nearly 100 years old now, has a manufacturing footprint across Germany, Austria, Hungary and the UAE, which incorporates cutting-edge and innovative German-engineering technologies.
KLUDI Group’s total revenues amount around EUR 120 million, with sales across Europe, Asia, and the Middle East.
The transaction is conditional upon regulatory approval, and both parties are working closely to finalise the transaction which is scheduled to be completed by May 31, 2022.