(Alliance News) - Crockery maker Portmeirion Group PLC on Monday said it sold its 44% stake in Furlong Mills Ltd to pottery manufacturer Churchill China PLC for GBP3.3 million.
The deal means Churchill China now has full ownership of the ceramics company based in Stoke, Staffordshire. It previously held a 56% holding in Furlong.
Portmeirion said: "The group will continue to source its raw materials for its Stoke ceramic factory from Furlong Mills and has signed a long term supply contract that closely mirrors its historical trading relationship with the Mill."
Furlong Mills reported revenue of GBP9.6 million in 2018, which included GBP3.2 million in sales to Churchill China.
Shares in Churchill China closed 1.9% higher at 1,615.00 pence each in London on Tuesday. Portmeirion's stock closed 0.6% higher at 905.00p apiece.
By Eric Cunha; ericcunha@alliancenews.com
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Churchill China (CHH)
Portmeirion (PMP)