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Caesarstone Enters Global Porcelain Countertop Market Through Majority Stake Acquisition of Lioli Ceramica
- Establishes Position as Leading Premium, Multi-Material Countertop Company - MP MENASHE, Israel--(BUSINESS WIRE)-- Caesarstone Ltd. (NASDAQ: CSTE), a
About this update from Caesarstone Ltd.
[{"type":"text","content":"\n- Establishes Position as Leading Premium, Multi-Material Countertop Company -\n\n MP MENASHE, Israel--(BUSINESS WIRE)--\nCaesarstone Ltd. (NASDAQ: CSTE), a leading developer and manufacturer of high-quality engineered surfaces, today announced that it has entered into a definitive agreement to acquire a majority stake in Lioli Ceramica Pvt. Ltd (“Lioli”), an India-based producer of cutting-edge porcelain countertop slabs, operating innovative and technologically advanced manufacturing facilities in Asia, with annual revenue of approximately $18 million.\n\n\nPorcelain represents one of the fastest growing categories in the global countertop market and directly complements Caesarstone’s established presence in engineered quartz surfaces. The acquisition provides an attractive entry point for Caesarstone to leverage its strong brand, design capabilities, sales force and global distribution network to enhance customer engagement around the world with a multi-material offering of premium countertops. Located in the center of India’s porcelain hub, Lioli’s high-quality, low-cost, vertically-integrated operation will supply porcelain countertop offerings to Caesarstone, which will be marketed in all regions alongside quartz under one leading global Caesarstone® brand.\n\n\nYuval Dagim, Chief Executive Officer commented, “This acquisition is a major step in our efforts to advance our global growth acceleration plan and to realize our goal of becoming a leading premium, multi-material player in the global countertop industry. The acquisition will enable us to have a significant presence in the global porcelain category, one of the fast-growing categories in the countertop market, alongside our reputable quartz portfolio. Lioli’s state-of-the-art porcelain operations combined with Caesarstone’s highly valued brand and established global network will strengthen our unique value proposition and our ability to accelerate a multi-material growth strategy. In this way, we can enhance the experience of our consumers and business partners, while realizing our mission to be the first brand of choice for countertops around the world.”\n\n\nUnder the terms of the transaction, Caesarstone has entered into a definitive agreement to acquire a majority stake in Lioli for a cash investment of approximately $12 million, representing an enterprise val...