Etex announces sale of Latin American ceramics business to Lamosa - 19/07/2016
Etex has announced the sale of its Latin American ceramics
business to Mexican ceramics specialist Lamosa. The sale is subject to customary
Etex has announced the sale of its ceramic floor and wall tile business to Grupo Lamosa, a listed Mexican specialist in ceramic tiles and adhesives, for an enterprise value of about 230 million US dollar. The divestment comes after 25 years of growth for the business under Etex’s wing.
The ceramics business now forms a strong, regional platform with modern manufacturing
facilities, highly respected brands and well established distribution across four countries in
Latin America. The ceramic floor and wall tiles are manufactured in three production plants in
Peru, one in Colombia and four in Argentina, and sold primarily in these countries and Chile.
The business employs 2,100 people and generated annual sales of 267 million euro in 2015.
This divestment follows the sale of the US and Mexico-based ceramics business in July
2015. Selling its ceramics business, a segment in which Etex was active only in Latin
America, enables Etex to concentrate its management and financial efforts on its core
In good hands with Lamosa
Etex ceramic’s established track record offers a prime opportunity for Lamosa. The
acquisition enables the company to reap the rewards of a solid business and expand its core
activities across Latin America. Lamosa employs 4,663 people and generated annual sales
of more than 520 million euro in 2015. The support of a ceramics specialist with a focus on
expanding its business in Latin America will offer new opportunities for the companies and
Etex CEO, Paul Van Oyen, thanks all ceramics colleagues for their efforts to help grow the
business over the years. He comments: “The sale of our ceramics will boost our sniper
approach for our core businesses. We are confident that the business will be in good hands
with Lamosa, which aims to grow its footprint across Latin America.”
The sale is subject to customary closing conditions.
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