Marcos Mastretta, Managing Director of CIPSA
, comments: "The unified ownership structure will allow us to fully execute our vision of being the leader in the construction industry.
In 1992, the plastics housewares leader acquired CIPSA
, a Mexican plastics manufacturer, to consolidate its Mexican operations and expand its Latin American business.
Cone and CIPSA
have also signed definitive agreements providing for the formation of a joint venture company as earlier announced.
Cone's minority investment in CIPSA will be approximately $21 million.
Patrick Danahy, Cone president and chief executive officer, said: "Cone is entering into this joint venture and making this investment in CIPSA, a leading, 95-year-old Mexican denim company, to develop an international manufacturing platform to serve growing worldwide markets.
Carroll, president and general manager, Rubbermaid Housewares Products Division, said, "With the market-oriented reforms taking place in Mexico and the pending North American Free Trade Agreement, CIPSA represents an excellent opportunity for growth.
CIPSA has annual sales of approximately $14 million (U.
The announcement of this joint venture, coming on the heels of the announcement last week of our intention to acquire CIPSA
in Mexico City, exemplifies our intentions to grow rapidly in the global marketplace," Williams continued.
acquire the companies which comprise CIPSA, the leading Mexican plastic
Bringing CIPSA into the Rubbermaid family offers us an exciting opportunity," said Walter W.