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Providencia US to maintain two nonwovens plants
25
Aug '08
Companhia Providencia Industria e Comercio's Board of Directors approved the establishment of a wholly-owned subsidiary in the United States for the purpose of acquiring, operating, selling and maintaining two production lines with combined installed capacity of 40,000 tonnes of nonwovens per year.

Total investments were estimated at US$120 million and include the machinery to be acquired from Reifenhäuser Reicofil GmbH & Co KG, and other related assets such as land and installations. The first production line is expected to start up in July 2009, and the second during the first half 2010.

In addition, on July 23, 2008, a memorandum of understanding was signed with the equipment vendor, including the option to acquire four production lines, to be exercised on or before December 2012. The Company intends to reduce its logistic costs, to better strategically position itself and to expand businesses with its customer base in North America.

Companhia Providência Indústria e Comércio (“Providência” or “Company”) is a leading producer of nonwovens in Brazil, with an important presence throughout the Latin American market. The Company believes that it was the third largest manufacturer of PVC pipes and fittings in Brazil in 2006, in terms of sales volume.

Companhia Providência Indústria e Comércio

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