Alpargatas S.A. has announced the completion of 21.8 percent stake in ASAIC comprising the Topper brand in Argentina to Carlos Roberto Wizard Martins. The company said in a statement that the aforementioned interest was adjusted based on foreign exchange variation, and that it has received the first instalment of 28 million Brazilian real (around 7 million dollars). The company added that the second instalment of 12 million Brazilian real (around 3 million dollars), will be paid up to December 26, 2016, as adjusted based on the CDI rate.
The company added that the agreement included the consolidation of ASAIC’s industrial restructuring aimed at optimizing its manufacturing structure to adjust to the new Argentinian market reality, which led to the dismissal of staff and the discontinuation of operations in three industrial plants.
Additionally, ASAIC entered into a brand use license agreement with BRS Comércio e Indústria de Material Esportivo S.A. (BRS), through which the latter can use the Topper brand globally, except in Argentina, Paraguay, Chile, Bolivia and Uruguay, where ASAIC currently operates, for an initial five-year period.