In the News – Roca Sells Ceramic Division to Lamosa Group For 219 Million
Source: Sunday Vision
Grupo Roca, which specializes in sanitary ware and other bathroom products, announced yesterday the sale of its flat ceramic division to Lamosa, a public Mexican company specializing in ceramic coatings and adhesives. The cost of the operation is $260 million, or about 219 million euros at the current exchange rate.
The deal is subject to approval by Grupo Lamosa’s general meeting of shareholders, scheduled for August, so there are still weeks for the sale to materialize.
According to a statement from the Catalan and family-owned company, the deal includes the sale of three tile factories. One of them is a Valencian plant in Cerámicas Belcaire, located in the province of Castellón, the other two are located in Brazil, in the towns of Campo Largo and São Mateus do Sul (near Curitiba, south of São Paulo).
The deal includes the sale of three tile factories, one of which is located in Castellón
In total, the tile business employs 1,628 people, who will join the Mexican group’s workforce in the coming months. Company sources indicate that 79% work in factories in Brazil while the rest is distributed between Spain, where the number of affected workers is 230, and also in the United States, where 116 people work for a trading subsidiary. The billing for this division is confidential. The company asserts that in 2020, the three factories added production of 23.4 million square meters of tiles, which were exported all over the world, especially to the United States, Brazil and Spain.
Read the article in its entirety from the original source, https://www.sundayvision.co.ug/roca-sells-its-ceramic-division-to-the-lamosa-group-for-219-million/