Carysil Limited acquires United Granite LLC, shares down
Carysil Ltd disclosed that its wholly owned subsidiary, ‘Acrysil USA Inc.’, will acquire a 100 per cent membership interest in ‘United Granite LLC’ (UGL) situated in Virginia, USA. UGL specialises in producing kitchen tops for retail, residential, and commercial projects within the United States, reporting a revenue of $12.4 million. The acquisition, valued at ₹65 crore, will be funded through a combination of debt and internal accruals. Completion of the transaction is anticipated within approximately 30-60 days.
Chirag Parekh, Chairman & Managing Director of Carysil Limited, stated, “This acquisition marks our entry into the North American market, following successful ventures in the UK. It positions us to leverage the technological expertise in hard surfaces like quartz and ceramic slabs, presenting a significant advantage. The vast US market, coupled with our comprehensive product range, will enhance our foothold in the kitchen segment. UGL’s ‘Landmark Surface’ brand, thriving in the Washington D.C., Maryland, and Virginia regions, will be further fortified and extended nationwide. This move aligns with our vision of becoming a leading global player in the kitchen and bath sector.”
However, the shares were down by 2.01 per cent to ₹659.05 at 2.30 pm on the BSE.