In April 1995, CMC
announced that it had acquired a number of businesses
in Europe and the Far East from Zirfid. At that time
CMC was granted an option over Zirfid's Brazilian
operations which it has now exercised for a total
consideration of $16 million. In the year to 31 December
1995 the operations now being acquired had sales
of $25 million.
Richard Oster, CMC's
Chairman, commented :
"When CMC was formed
in July 1994 we gave it the strategic aim of creating
a world class business by expanding its product range
and geographical spread. Brazil is the world's fourth
largest producer of ceramic tiles and this acquisition
gives CMC a leading presence in an important and
fast growing market."
Chris Clark, CMC's
Chief Executive, said :
"Historically, CMC
has been under represented in South America. Not
only does this acquisition improve our geographical
coverage but it will also generate new opportunities
for the products of our European businesses."
