Shares of Garware Technical Fibres Ltd rallied 5.5% to touch a day’s high of Rs 924 on 24th June. The surge came after the company announced yesterday the acquisition of Norwegian cordage firm Offshore & Trawl Supply AS (OTS). This acquisition was made through its wholly owned UK subsidiary, Garware Technical Fibres UK Private Ltd.

The acquisition is a strategic move by Garware Technical Fibres to expand its global footprint. It focuses especially on growth in the offshore, aquaculture, and marine sectors across Europe.

OTS, based in Valderoey near Alesund, Norway, is known for its high-quality synthetic cordage products. Its offerings complement Garware’s current portfolio and will help unlock new markets, customer segments, and applications.

Vayu Garware, Chairman and MD, said the deal is not just about expanding products. It aligns with the company’s mission to create locally relevant and globally scalable innovations.

The acquisition also adds a team of experienced Norwegian engineers. These individuals are known for their technical expertise and customer-first approach, which align well with Garware’s culture.

The deal will be funded through Garware’s internal accruals. It is expected to boost earnings per share (EPS). Moreover, it will improve return and cost efficiency (RaCE), aligning with the company’s capital efficiency goals.

At 1:21 PM, the shares of Garware Technical Fibres were trading 5.49% higher at Rs 908.30 on NSE.

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