15th Oct 2013 09:09
LONDON (Alliance News) - ITE Group PLC Tuesday said it has bought a Turkish beauty exhibitions business that will boost its earnings straight away.
The exhibitions specialist in emerging and developing markets, said its Turkish unit had bought Platform Exhibitions Inc from Mahmut and Ayse Er using funds from its balance sheet. It didn't provide any financial details.
Platform owns the Beauty Eurasia exhibition, which serves the beauty, personal care and cosmetics industries in Turkey and the surrounding region, ITE said in a statement. Beauty Eurasia is held in Istanbul in June each year and is the leading event of its kind in Turkey, according to the company. The 2013 event was attended by over 21,000 professionals.
"The addition of this exhibition to ITE's Turkish business is consistent with our strategy of building market leading positions in core markets and sectors," ITE Chief Executive Russell Taylor said in a statement.
The company already has a portfolio of beauty events in Ukraine and Russia and earlier this year acquired an interest in a series of events in South East Asia.
"The beauty and personal care industry is a growth sector in developing markets and with this acquisition, ITE will leverage its international exhibition expertise to develop further its position and benefit from a wider portfolio within this sector." Taylor said.
ITE Group shares were up 1.5% at 285.70 pence Tuesday morning, meaning the stock has risen 16% so far in 2013. Its high for the year is 309.50 pence.
By Steve McGrath; [email protected]; @stevemcgrath1
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