Mumbai, Dec 11: KDDL Limited said that its Board of Directors of Company at its meeting held on December 10, 2018 has approved an agreement for acquisition of a Swiss Watch Hands manufacturing Company named "Estima AG", Allerheiligenstrasse 30, 2540 Grenchen, Switzerland through its subsidiaries "Pylania SA" and special purpose vehicle "Kamla International Holdings SA".
The Target Company acquisition will help the Company to capture additional market share of customers in European market serviced by Estima.
The cost of acquisition will be Cash CHF 4,00,000 for 100 percent Shares.
The existing operations of Estima AG, Switzerland are Watch Hands manufacturing and revenue is in the range of CHF 2 million.
Estima was a competitor of the Company in the business of watch hands manufacturing.
Estima was established as a maker of watch hands in Switzerland in 1924. It was a leading supplier to Swiss and other European watch brands in the mid-priced segment and enjoyed an excellent reputation. However, over last 10 years, it was unable to keep up with market changes and lost market share leading to declining turnover and mounting losses. (UNI)