4. Feb 2021 | Markets & Companies
CIN and Boero - a new alliance in the coatings industry
The Portuguese coatings manufacturer CIN will take over the Italian coatings company Boero Group. Both companies have been partners already for some years. Both companies combine an annual revenue of around EUR 320 million.
The relationship between the two companies began a few years ago when CIN acquired a small stock market stake in Boero. Recently, the Portuguese company increased the stake to 13 %, reinforcing a relationship which originated a number of successful joint projects through the years.
With the new transaction, CIN achieves a dominant position in Boero while the Boero family still holds a significant stake in the company. Boero ended 2020 with a turnover of EUR 90 million, while CIN reached EUR 234 million, an alliance which surpasses EUR 320 million and allows a significant higher position on the Top 25 ranking of Europe’s largest coatings manufacturers, where CIN is already listed.
Boreo will maintain own identy
To CIN’s CEO João Serrenho, “this alliance of two family companies with very clear expansion goals and ambitions opens interesting perspectives to the development of both.” Serrenho explains that “Boero will continue to develop its activity from Genoa, and Rivalta Scrivia, maintaining its identity and management” and finishes “wishing all the employees of the Boero Group common future full of success”.
Andreina Boero, CEO of Grupo Boero considers CIN “a solid and friendly company, with an entrepreneurial culture and a high level of production standards that guarantee security and confidence on the beneficial effects of this union.” To Andreina Boero, “Boero's cross-border expansion strategy now, with CIN by its side, has the solidity and the dimension needed to face competition with greater vigor, maintaining our identity and brand values.”
The Boero Group was established in 1831 and is mainly active in the architectural, yacht and naval coatings sector. CIN is mostly active in architecture, protective and industrial coatings.
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