Acquisition of Beautex strengthens ITE's leading position in the Ukraine market
ITE Group plc, the emerging and developing markets exhibitions specialist, today announces that its wholly owned subsidiary, ITE International Holdings BV acquired Kiev based Limited Liability Company BeautexCo (Beautex) from BCI R&R Limited, a company registered in Cyprus.
Beautex runs two exhibitions each year, Intercharm and Beautyexpo. Both are trade exhibitions for the professional beauty trade and cosmetic and aesthetic medicine industry in Ukraine.
On acquisition, Beautex had gross assets of nil. The exhibitions are forecast to generate revenues of €2.4m in the year ending 30 September 2012 and are expected to be earnings enhancing in ITE's 2012 financial year.
Commenting on the acquisition, ITE's Chief Executive Officer, Russell Taylor, said:
"The addition of these two exhibitions to ITE's Ukrainian business is consistent with our strategy of building market leading positions in core markets and sectors and will complement ITE's existing activities in Kiev. These events have strong market positions in Ukraine and will benefit from access to ITE's expertise and international reach."