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Sun 18 Jan 2015 01:40 PM

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UAE's RAK Ceramics to sell stake in Laticrete unit

Company says it aims to close the deal by March 25; follows sale of its Sudan business

UAE's RAK Ceramics to sell stake in Laticrete unit

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 US 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.

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