Tallinn - Wolf Group, an Estonian producer of polyurethane foams, joint sealants and facade solutions, has acquired 40% of Elasteq do Brasil Ltd, a manufacturing plant in Brazil.
The production plant of Elasteq is located near São Paulo, and the company specialises in the manufacture and sale of water proofing products. Wolf Group did not disclose financial details of the transaction.
Wolf Group, which started exporting to Brazil in 2009, said its exports to the country have increased tenfold within since it started. CEO Jaan Puusarag said in a 23 April news release that the acquisition of shares is "an important strategic step that will further strengthen the [company's] position in the South American market."
Kari Mikkonen, CEO of Elasteq, added, "I believe this new cooperation is a win-win situation for both Wolf Group and Elasteq. This partnership gives us more muscle, products and strength."
Wolf Group forms the sales and production enterprises of the European construction chemicals and materials producer Krimelte. Wolf Group factories are located in Estonia and Russia, with sales units in Estonia, Latvia, Lithuania, Ukraine, Romania, Bulgaria, Denmark and Kazakhstan. As of the end of 2012, Wolf Group employed a total of 270 people.