Electrolux bought the Chilean CTI

Electrolux bought the Chilean CTI

Santiago : Chile | Aug 22, 2011 at 1:49 PM PDT
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The Swedish company Electrolux AB agreed to buy Chile's Compañía Tecno Industrial (CTI) to the local group Sigdo Koppers, informed the parties involved in the operation.

According to a communication from Koppers Sigdo the Superintendencia de Valores y Seguros (SVS), the parties signed a contract for the sale of the shares issued by CTI in $ 625 million.

The operation will be implemented by opening a process of Initial Public Offering (IPO) by AB Electrolux and Somela CTI companies, the latter a subsidiary of CTI, which would begin within approximately 10 days, making extend the sale to all shareholders.

In a statement, Electrolux said that following the acquisition will strengthen its leadership in the Latin American market.

Specifically, Sigdo Koppers sells its entire stake in CTI, which amounted to 50.1% and in Somela, where the Chilean group owned 78.54% of the property.

"The sale of CTI is consistent with the group's strategic decision, aimed at focusing its business in the areas of services to mining and industry, positioning itself as a leading strategic supplier to the mining sector, a sector which is already involved with success" said the CEO of Sigdo Koppers, Juan Eduardo Errazuriz.

Last Friday, the CTI market value reached about $ 548 million and the Somela, about 91.2 million.

In Chile, as noted in its statement Electrolux, CTI manufactures refrigerators, washing machines and stoves, products sold under the brands Fensa, Somela Mademsa and, with a market share of 37 percent.

In addition, through its subsidiary Frimetal SA . has a leading position in Argentina , where it operates under the brand name Sunglasses . It has a staff of 1,200 employeesand owns two plants in Chile and in Argentina.

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Electrolux bought the Chilean CTI
The transaction closed on $ 625 million . The firm Andean appliances also has assets in Argentina. The purchasing company bet on consumer boom in Latin America
Vicky247 is based in Lahore, Punjab, Pakistan, and is a Reporter on Allvoices.
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