UAE’s RAK Ceramics says to sell stake in Laticrete venture
RAK Ceramics said it would sell its stake in a joint venture with U.S. firm Laticrete for an undisclosed sum
United Arab Emirates-based RAK Ceramics, one of the world’s biggest makers of floor and wall tiles, said on Sunday that it would sell its stake in a joint venture with U.S. firm Laticrete for an undisclosed sum.
RAK Ceramics said it aimed to close the deal, which is subject to regulatory and other approvals, by March 25 and that the sale of shares would be at a premium to book value. The venture produces adhesives and waterproofing products.
The move follows a deal last month in which the company agreed to sell its Sudan business in order to finance the expansion of core operations.