India, July 16 -- On Thursday, Gabriel Holding A/S (GABR.CO), a Danish textile manufacturing company, announced its agreement to sell European FurnMaster business to Leggett & Platt Inc. (LEG) for an initial price of 67.3 million Danish Kroner or 9 million euros.
The company said there is a possibility of a conditional deferred cash payment of up to 7.5 million kroner or around 1 million euros.
The transaction remains subject to customary closing conditions.
The agreed sale of its furniture manufacturing operations in Europe follows the company's decision in 2024 to initiate a full or partial divestment of the business, as a result of adjusted growth strategy with an increased focus to develop its global textile business.
Meanwhile, the...