Duratex and Satipel create US$ 1.65 billion company
O Estado de S. Paulo
Duratex and Satipel announced yesterday a merger that will lead to the creation of the eighth largest wood panel company of the world, with earnings of R$ 3.3 billion (US$ 1.65 billion). The new company will have 45% of the installed capacity of production of wood panels of Brazil, and a market share of nearly 40%. Together, Duratex and Satipel expect to win international markets and increase the earnings with exports that currently represent only 5% of the total.
According to the announced format, it is the smaller company, Satipel, whose stocks are traded in the New Market of Bovespa, which will take over Duratex, a company controlled by Itaúsa, the holding of the Itaú bank. Satipel will make a capital increase and will change its name to Duratex S/A. The new Duratex will continue, thus, negotiating its stocks in the New Market and will be chaired by Henry Penchas, current CEO of Duratex. For the CEO of Duratex, the process of merger of both companies will last from six months to one year, with synergy gains of nearly "some tens of millions of Reais".
Duratex sold R$ 2.5 billion (US$ 1.37 billion) in 2008 and is the leader in the production of MDF panels, fiber sheets and laminated floors, besides being the owner of the brand of bathroom fixtures, Deca. Satipel, on its turn, which sold R$ 716 million (US$ 391.3 million) is leader in MDP panels. According to Penchas, the businesses are complementary and the union of the companies should not cause problems in the Administrative Counsel for Economic Defense (Cade).