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Brazil: Duratex acquires rival Cecrisa

 |  May 23, 2019

Brazilian wood panel manufacturer Duratex has agreed to acquire ceramic tile maker Cecrisa for 539 million reais (US$132.6 million), the company stated in a securities filing on Thursday, May 23.

Duratex, controlled by Itausa Investimentos, will pay half of the price in cash immediately, and the rest after completion of certain undisclosed conditions. Brazil’s antitrust watchdog CADE still has to approve the deal, Duratex stated.

Cecrisa owns three plants, has 1,700 employees, and had a net revenue of 652 million reais (US$161.1 million) last year.

Full Content: Reuters

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