Located at the North Atlantic shoreline, OTS is a leading manufacturer of advanced synthetic cordage solutions for challenging applications in the offshore oil and gas, offshore wind, fisheries, aquaculture, lifting and towing industries.
The company stated that the product portfolio of OTS would complement GTFL's existing capabilities, while opening up new geographies, customer segments, and applications for mutual growth.
The acquisition is proposed to be funded through internal accruals of GTFL. The transaction is EPS accretive as well as positive for ROCE, which is in line with GTFL's focus on efficient capital allocation.
Vayu Garware, chairman & managing director, GTFL, said: “This acquisition is more than a portfolio addition-it is a strategic alignment with our mission of co-creating locally relevant and globally scalable innovations that deliver value to our customers.
OTS is known for its engineering excellence and industry-leading solutions across Norway and international markets. Together, we will be able to extend their reach globally and accelerate innovation in this domain.”
Garware Technical Fibres (GTFL) is a leading player in technical textiles, specialising in providing customised solutions to the cordage and infrastructure industry globally. Its products find application across fisheries, aquaculture, shipping, sports, agriculture, coated fabrics and geo-synthetics.
The company's consolidated net profit rose 1.40% to Rs 71.06 crore on a 13.15% increase in revenue to Rs 432.55 crore in Q4 FY25 as compared with Q4 FY24.