Alpargatas downsizes business in Argentina
The Brazil-based footwear manufacturer sold its operations in Argentina. The amount of the deal should amount to roughly 3.3 million euros (14 million Brazilian reais)
According to Alpargatas, the sale of their Argentina-based subsidiaries follows the agreement reached last September when the company decided to sell 22.5% of the businesses that concentrate their Topper brand (in Argentina and the rest of the world).
Alpargatas decided to negotiate the sale of its subsidiaries with different parties. The total deal should amount to 3.3 million euros. With the effective transfers of these assets to their respective buyers, to take place by the 1st of October 2019, Alpargatas, through Alpargatas Argentina, will no longer operate in the textile segment. Alpargatas is keeping its facilities in Tucumán, where their footwear factory located in the town will remain active.
Owner of brands such as Havainaas, Osklen and Dupé, Alpargatas posted a net profit of 53.1 million Brazilian reais (12.5 million euros) in the first quarter of 2019, down by 53.5% compared to similar period in 2018.
Image credits: epocanegocios.globo.com
Note: Exchange rate applied on the 25th of July 2019: 1€ = 4.23 Brazilian Reais
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