LARGEST FOOT WEAR COMPANY SOLD.
The hides of all the cattle slaughtered in Argentina, have to be processed into leather in the country and no raw hides are allowed to be exported.Consequently Buenos Aires is the largest leather town in the world.
Alpargatas Argentina, the nations largest footwear and textile company has been taken over by Alpagatas Brazil, forming the largest footwear company in the Southern Hemisphere.
Argentina’s Commission for the Defense of Competition, has approved the deal, it was announced on the Buenos Aires stock exchange.
Marcio Utsch, the CEO said at the press conference " we have created a theatre of challenges and growth possibilities for our Brazilian and Argentine workers, this new company of our is rapidly becoming a major player on the international market".
The company was started by the British in 1895, with factories in Argentina and Uruguay, exporting 250 million shoes and sandal per year. The exports go to 80 different countries and are sold though 150,000 outlets.
The new joint company will employ 18,000 people.
The Brazilian company was taken over by an investment fund in October of last year in order to re-structure debts.
The new consolidated company, now appears set for the future, with no shortage of raw materials and a willing workforce.
