Hospitality tabletop leader Churchill China this past week announced that they have purchased the remaining shares of Furlong Mills, the ceramic materials manufacturer that they shared ownership with Portmerion.
Previously, Churchill had owned 56% and the transaction means that the 44% held by Portmerion transfers over, giving Churchill full ownership of the Furlong Mills operation.
The transaction is said to have cost Churchill 3.3 Million £ and was paid from existing cash resources.
Portmeirion non-executive chairman Dick Steele stated, “Our focus remains on growth, profitability, dividends and return on capital employed. We have a long-term relationship with Furlong Mills and will continue to work closely with them. Following our recent acquisition of Nambé and the opportunities we see within the group, we believe this capital can be better employed to fuel the future growth and performance of our business.”
Furlong Mills reported revenue of GBP9.6 million in 2018, which included GBP3.2 million in sales to Churchill China.
In a statement, Churchill China said: “Churchill’s strategy continues to be to offer innovative, high performance and technically differentiated ceramic products to hospitality markets worldwide.
“We expect that full ownership of Furlong Mills, with its substantial intellectual property, will facilitate further material, process and product innovation in the medium and long term and will contribute to the continued development of the company.”
Congratulations and best of luck to everyone involved.
