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Sheela Foam Ltd said on July 19 that its board of directors has approved plans to buy a majority stake in Spanish company Interplasp SL for 42 million euros ($47 million) to expand its European operatio.
Sheela Foam said in a stock exchange filing that Sheela Foam as a whole will receive 967% of the shares, while the remaining shares will be held by the three main managers of the original company and have the right to purchase these shares fir.
The company said the acquisition puts Sheela Foam on the stage in Europe, the world's largest market for polyurethane fo.
Founded in 1987, Interplasp produces polyurethane foam for bedding, furniture and other applications in Spain and Portug.
The Spanish company's turnover in 2016 was 19 million euros, which grew to 21 million euros in 2017 and 36 million euros last ye.
Sheela Foam made her stock market debut two-and-a-half years ago and has been growing slowly over the past few quarters due to intense competition and slowing dema.
The company's consolidated net sales growth in 2018-19 was 9%, compared with more than 12% in the previous two yea.
EBITDA and net profit were flat in 2018-19 as profit margins shrank to a four-year l.
Shares of the company have come off a 52-week high of Rs 1,8195 per sha.
In India, retail investors control nearly two-thirds of the country's mattress mark.
In early April, Kurlon acquired Pune-based Spring Air Bedding Ind.
