Argentina. The Argentine manufacturer and marketer of paints, Tersuave, confirmed the purchase of 90.95% of the shares of its competitor Colorín, in an operation that was closed for an amount of around US $ 3.3 million.
The remaining 10% of Colorín is publicly traded. And the purchase includes a financial debt that Colorín has and that was contracted by its main shareholder, Cromology.
Colorín is coming off a financial crisis process, which included the temporary closure of plants and was forced to lay off some of its staff in the middle of last year. Until the end of last year, the company had a liability for the issuance of Negotiable Bonds (ON) of US$64 million, the result of successive agreements and renegotiations with its creditors. It also owed another $6 million.
Tersuave is an Argentine and family company founded in the late 50s in Argüello (Córdoba). The company owns an industrial plant of liquid paints of 10,000 m2 in Villa Mercedes, San Luis, where products for the architectural, industrial and automotive line are manufactured. It also has logistics and administrative centers in Córdoba, Rosario, Buenos Aires, Tucumán and Mendoza that distribute its products throughout the country and export them to the bordering areas.
Colorín, on the other hand, was also born more than 70 years ago as a family business that began its operations in its plant in the town of Munro, Buenos Aires.
