Emerging markets exhibitions group ITE has revealed that its wholly-owned subsidiary ITE International Holdings has acquired smaller peer Beautex from a firm in Cyprus.
Beautex runs two exhibitions each year, Intercharm and Beautyexpo, two trade exhibitions for the professional beauty, cosmetic, and aesthetic medicine industry in the Ukraine.
The firm has no assets although the exhibitions are expected to generate revenues of €2.4m in the year ending September 30th 2012 and are expected to be earnings enhancing in ITE's 2012 financial year.
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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."
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