TTK Prestige has acquired UK-based Silampos for an undisclosed sum, through which it has gained full control of table and cookware supplier Horwood Homewares.
The acquisition has been carried out by TTK British Holdings Ltd, the wholly owned subsidiary of TTK Prestige Ltd.
This transaction is a step forward in strengthening the globalisation strategy of TTK Group by introducing and expanding globally renowned brands in the home appliances segment, the company said in a statement today.
TTK Prestige Executive Chairman T T Jagannathan said: “Horwood brands will provide a strong footing for the rapid expansion of TTK’s business in the European markets.”
The company will combine the design, manufacturing and marketing capabilities of TTK prestige to expand and grow the Horwood business in the European markets, he added.
TTK intends to have continuity in the management and supplement Horwood with enough investments in product development, channel development and also new market development, Jagannathan said.
Jeremy Horwood, a fourth generation member of the Horwood family, said the transaction will be the next stage in Horwood’s development.
“Both companies will improve as a result of this new relationship and our customers and the buying public will be the beneficiaries,” he added.
Horwood has been in operations since 1896 and is one of the largest table and cookware suppliers in the UK with brands Horwood, Stellar and Judge. The business had revenues of 18 million pounds in 2015.