CIN and Boero announced that the two companies will unite their businesses to create a new dynamic aimed at consolidating their European presence within the coatings market.
Portuguese coating manufacturer CIN and Italian coatings company specialized in the architectural, yacht and naval sectors Boero Group have joined forces to pursue greater growth and consolidate their presence in the European market.
The collaboration between the two companies started a few years ago, when CIN acquired a small stock market stake in Boero. Recently, the Portuguese company increased the stake to 13%, reinforcing a relationship based on know-how and mutual respect, which originated a number of successful joint projects through the years.
With this latest transaction, CIN achieves a dominant position in Boero, while the Boero family still holds a significant stake in the company.
Boero ended 2020 with a turnover of 90M €, while CIN reached 234M €. This alliance, which surpasses €320M, will allow the two companies to reach a top 40 ranking among the world's largest paint companies.
"This alliance of two family companies with very clear expansion goals and ambitions opens interesting perspectives to the development of both", said CIN's CEO João Serrenho. "Boero will continue to develop its activity from Genoa, and Rivalta Scrivia, maintaining its identity and management. I wish all the employees of the Boero Group common future full of success".
"CIN is a solid and friendly company, with an entrepreneurial culture and a high level of production standards that guarantee security and confidence on the beneficial effects of this union", adds Andreina Boero, CEO of Gruppo Boero. "Boero's cross-border expansion strategy now, with CIN by its side, has the solidity and the dimension needed to face competition with greater vigour, maintaining our identity and brand values."
The transaction terms have not been disclosed.