Bostik, a specialist in adhesive technology, has continued its global expansion strategy with the acquisition of a Brazilian firm. Usina Fortaleza is a leading manufacturer of tiling adhesives for the construction industry. As a new shareholder, Bostik intends to continue the company’s existing investment program in order to grow at a higher rate and increase its marketshare.
“We are delighted to welcome Usina Fortaleza to Bostik,” says Bernard Pinatel, Bostik chairman and CEO. “Their strong local presence and successful track record will serve as a solid platform to leverage Bostik’s cutting-edge technologies.”
Usina Fortaleza will maintain its independent management with Sergio Moutinho Jr remaining at the helm. “We believe in the Brazilian market and see Bostik as the right company to further develop the work we have being doing for the past 44 years. Usina Fortaleza provides Bostik the opportunity to enter the Brazilian market as one of the top players,“ says Moutinho.
Moutinho announced his ambitious investment plan in 2010, based on his conviction that the demand for adhesives for the construction industry would increase in view of booming infrastructure and housing needs over the next decade.
In other globalilzation efforts, earlier this year Bostik opened an adhesive manufacturing plant in Egypt to capitalize on hygiene growth in this region.