Wolf Group Buys Stake in Brazilian Plant
Polyurethane foams producer Wolf Group, an Estonian-based company, has acquired 40 percent of Brazilian manufacturing plant Elasteq do Brasil Ltd. for an undisclosed sum.
Wolf Group started exporting its products to Brazil in 2009 and last year exports to South America amounted to around 1 million euros, a statement from the company said.
The Sao Paulo plant specializes in the manufacture and sale of waterproofing products.
At the end of last year, Wolf Group employed a total of 270 people. The company has factories in Estonia and Russia, with sales units throughout the Baltics, Ukraine, Romania, Bulgaria, Denmark and Kazakhstan.
"Previously Brazilians lacked the culture of using foam and insulation materials," said CEO Jaan Puusaag. "The popularity of construction foams has grown significantly within five years [...] in the beginning only straw foams were introduced as the Brazilian market was not ready for other products, but now the proportion of gun foams is beginning to grow."