Dutch porcelain producer Royal Porceleyne Fles has agreed to buy local Royal Leerdam Crystal for an undisclosed sum from Royal Nederlandsche Glasfabriek Leerdam, Porceleyne Fles said on 24 September 2…
Dutch porcelain producer Royal Porceleyne Fles has agreed to buy local Royal Leerdam Crystal for an undisclosed sum from Royal Nederlandsche Glasfabriek Leerdam, Porceleyne Fles said on 24 September 2007. The acquisition will allow Porceleyne Fles to take an important first strategic step towards becoming a maker of exclusive interior design “in the highest segment of the market”, company CEO Patrick Grasso said. Porceleyne Fles is now involved in due diligence at Leerdam Crystal and the deal is set to complete at the beginning of November 2007. According to Mr. Grasso, Leerdam Crystal has annual sales of EUR 2.0 million (USD 2.8 million) and 20 employees. Mr. Grasso pointed out that more acquisitions, both domestic and international, are in the pipeline. Porceleyne Fles, set up in 1653, is the last remaining factory from the 17th century in Delft, western Netherlands, still producing the well-known handmade Delftware pottery. The company has been listed on the Amsterdam stock exchange since 1954. Leerdam Crystal is the design business of the Leerdam glass plant that was established in 1878. Royal Nederlandsche Glasfabriek Leerdam is part of US glassware manufacturer Libbey Inc.