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LONDON (Alliance News) - Norcros PLC on Friday said it has agreed to acquire Abode Home Products for up to GBP4.8 million in cash.
Norcros, the showers, taps and bathroom accessories provider, has acquired the group from Croneta SA, a privately-owned company based in Switzerland.
Abode makes kitchen and bathroom taps and kitchen sinks and is based in Barnsley, South Yorkshire.
Norcros will pay GBP3.9 million in cash upfront, plus another GBP900,000 based on Abode meeting performance targets out to 2019.
"The Abode business is an excellent strategic fit with our current portfolio, broadening the group's product offer as well as providing a number of opportunities to drive revenue and procurement synergies," said Norcros Chief Executive Nick Kelsall.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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