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LONDON (Alliance News) - Crockery makers Churchill China PLC and Portmeirion Group PLC said in separate announcements Monday that they increased their stakes in ceramics maker Furlong Mills Ltd, meaning they now jointly own the firm.
Churchill China paid GBP454,000 to buy a further 9.5% stake in Stoke-on-Trent based Furlong from Dudson Holdings Ltd, this took its total stake to 55.6%. Following the buy, Furlong will be consolidated into the results of Churchill.
"Our recent performance has been driven by investment in the development and sale of well designed added value products," Churchill explained in a statement. "The above acquisition both improves the group's ability to develop materials technology for use in these products and secures an important part of our supply base."
Portmeirion paid a further GBP363,000 to Dudson to acquire another 7.5% stake in Furlong, taking its stake to 44.4%.
"Furlong Mills is an important part of the group's supply chain providing ceramic materials for the manufacture of earthenware pottery in its Stoke-on-Trent factory," Portmeirion explained in a statement. "The group will continue to play an active role in the management of Furlong Mills."
In 2017, Furlong generated pretax profit of GBP504,000 on revenue of GBP8.6 million.
Shares in Churchill were 3.1% higher at 1,227.00 pence on Monday, Portmeirion up 0.2% at 1,137.50p.
