VERONAFIERE BUYS BRAZIL STONE SHOWS
News Date: 29.01.2013
Acquisition, selling and buying are normal activities in the international market, but a few deals become interesting for the name and reputation of the parties involved. Buying of majority share in Vitoria Stone Fair, Brazil by Verona Fiere-Marmomacc is one such deals which has recently been accomplished. This is one of VeronaFiere's several global expansion initiatives announced recently.
Accomplishing the deal VeronaFiere announced the acquisition of 60 per cent of Milanez & Milaneze, the Serra, Brazil based producer of the Vitoria Stone Fair and Cachoeiro Stone Fair. VeronaFiere will pay US$ 3.47 million for the majority share, with an option to acquire the rest.
Officials of VeronaFiere and Brazilian delegation led by Renato Casagrande, Governor of the Brazilian state of Espirito Santo, the home of both the Vitoria and Cachoeiro events, announced the agreement during a presentation at 47th Marmomacc event. He said "because it is a new bridge between Brazil and Italy, and the districts of stone of the State of Espirito Santo and Veneto, it combines the most important fairs of the Brazilian industry to an international partner of first level. It is the right integration for further development of the entire stone industry".
Explaining further about the acquisition said Ettore Riello, VeronaFiere President, "with this initiative, which is part of a strategy of increasing internationalisation, VeronaFiere continues to support the development of an industrial policy of the country system in which trade can be used as promotional tool for companies abroad and the excellence of `Made in Italy' ".
Feeling enthusiastic about the acquisition said Giovanni Mantovani, VeronaFiere director general, "today's agreement is fundamental to our growth and that of our customers, but its strong strategic value goes much further because it opens an operating platform and distribution in Brazil and South America".
The ceremony of signing acquisition of 60 per cent shares of Milanez & Milaneze and thereby Brazil's Vitoria Stone Fair and Cachoeiro Fair, VeronaFiere has added another chapter to its expansion initiative.