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FINANCIAL NEWS
Bahrain’s Investcorp to buy Spanish ceramics firm
31 Jan 2015
(MENAFN) Bahrain-based Investcorp said that it will be acquiring Fritta, a Spanish company that makes products for the ceramics industry, Arabian Business reported.
Fritta produces important items in the process of the manufacturing of ceramic, including ceramic frits and glazes as well as ceramic colors and inkjet inks, with the company’s operations being supported by two frits manufacturing plants in Spain and Vietnam and two glaze mixing units in Italy and Mexico.
Fritta employs around 300 people and its products are sold to approximately 200 customers worldwide, with the company forecasted to generate USD133 million in sales and USD18 million in profits.
Investcorp said that the acquisition of Fritta will be its second in Spain following the acquisition of Grupo Esmalglass-Itaca in July 2012.
“We are partnering with a highly competent and dynamic management team who has been able to more than double the size of the business over the last five years,” president of Gulf business at Investcorp said.
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