Proteak Uno, S.A.P.I.B. De C.V. (BMV:TEAK CPO) completed the acquisition of Forestaciones Operativas de México, S.A. de C.V. from Grupo Kuo, S.A.B. de C.V. (BMV:KUO B).
September 05, 2013 at 12:00 am EDT
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Proteak Uno, S.A.P.I.B. De C.V. (BMV:TEAK CPO) signed a preliminary agreement to acquire Forestaciones Operativas de México, S.A. de C.V. from Grupo Kuo, S.A.B. de C.V. (BMV:KUO B) for $30.6 million on April 12, 2013. Proteak Uno and Grupo Kuo expect to sign the definitive agreement in the near future and the transaction is expected to close in 90 days. Proteak Uno, S.A.P.I.B. De C.V. (BMV:TEAK CPO) signed a definitive agreement to acquire Forestaciones Operativas de México, S.A. de C.V. from Grupo Kuo, S.A.B. de C.V. (BMV:KUO B) on July 19, 2013. The transaction is expected to close on August 30, 2013.
Proteak Uno, S.A.P.I.B. De C.V. (BMV:TEAK CPO) completed the acquisition of Forestaciones Operativas de México, S.A. de C.V. from Grupo Kuo, S.A.B. de C.V. (BMV:KUO B) on September 5, 2013.
Proteak Uno SAB de CV (Proteak) is a Mexico-based forestry sector company. It operates through three business segments: Forestal, where the main activities are commercial forest plantations of teak located along Mexicoâs Pacific coast and in Colombia, as well as acacia plantation in Costa Rica; Operations, which involves marketing of semi processed timber; Trading which consists of the marketing of roundwood timber and the development of the commercial side of the Company without limiting the capacity of Operations segment. Proteak offers teak wood products, such as carts, cutting boards, counter tops, lumber, as well as flooring and decking products, among others. Proteak owns around 18000 planted hectares in total (mainly teak and eucalyptus). Assets are located in five countries and export activity is performed in three continents. In 2013, it acquired eucalyptus plantation, a shorter-cycle timber and a land plot as a basis for its new MDF (medium-density fiberboard) project.
Proteak Uno, S.A.P.I.B. De C.V. (BMV: TEAK CPO) completed the acquisition of Forestaciones Operativas de México, S.A. de C.V. from Grupo Kuo, S.A.B. de C.V. (BMV