Artecola announces fourth acquisition
Brazilian adhesives manufacturer The Artecola Group has acquired a 54% stake in Surna S.A. de C.V., one of Mexico's largest adhesive producers.
Founded in 1991, in Mexico City, Surna’s net revenue for 2007 is expected to total $4 million, adding approximately 3% to Artecola's estimated turnover of $130 million for 2007.
Artecola aims to achieve $300 million in net revenue by 2010 and has been making acquisitions in accordance with this aim.
Since October 2006, the group has already purchased Sao Paulo-based Addax, Chilean Artiquim, Peruvian Pegamentos Sinteticos and Argentinean Asequim.
The group's net revenue is expected to treble to $130 million by the end of 2007 compared with 2002 when it was approximately $43 million. Including the Mexican acquisition, Artecola now has 16 industrial units in five countries.
Through various partnerships it now operates in the footwear, furniture, paper, packaging, transport and consumer markets. Earlier this year, the company restructured to create three strategic business units: laminates, adhesives and shoe uppers.
