HIL, part of the $1.8 billion diversified CK Birla Group, has announced the acquisition of Germany-based Parador Holdings GmbH, a vertically integrated, full-range supplier that designs, manufactures and distributes a wide range of flooring solutions, including resilient flooring, laminate and engineered wood floors, wall and ceiling panels, skirting and related accessories. <br /> <br /> The acquisition will enable HIL's transition into a global player in the building materials segment. <br /> <br /> It will facilitate entry into flooring solutions - a segment highly complementary to HIL's current product portfolio - and provide a renowned brand with strong R&amp;D and design capabilities. <br /> <br /> According to <span style="font-weight: bold;">CK Birla, Chairman, CK Birla Group</span>, 'The acquisition of Parador fits into our strategic roadmap and is an important step towards becoming a global player in the building materials industry. It also enables us to enter into adjacent categories for future growth. Parador's strong developmental capabilities will enable us to build flooring solution products suited to India and South East Asian markets.'<br /> <br /> <span style="font-weight: bold;">Dhirup Roy Choudhary, Managing Director &amp; CEO, HIL,</span> said, 'With world-class development capabilities and strong customer relationships, we found Parador flooring solutions to be a great alignment with our existing offerings at HIL, and it takes us closer to our aspiration of being a one-stop-shop for all building materials and products. The synergistic combination of complimentary portfolios will create a stronger global business. <br /> <br /> We believe we will be able to expand product sales in India and other South East Asian nations, which will enable us to drive faster growth.'<br /> <br /> Parador, with a turnover of Ç142.2 million, is the category leader in design and innovation with all products developed internally and produced with 'Made in Germany' and 'Made in Austria' quality. The company has long-standing relationships with all major customers in Europe, and expects sustained growth in revenues and earnings going forward.<br /> <br /> The acquisition comes at an attractive valuation and remains subject to antitrust filings in Germany and other relevant regulatory approvals.<br />