Brazilian producers of ceramic tile Eliane S/A and Portobello S/A have entered into an agreement to merge. The agreement was signed by CEOs Edson Gaidzinski, Jr. of Eliane and Cesar Gomes, Jr. of Portobello on Dec. 24.
The ultimate transaction will result in a firm with over 4,000 employees and $650 million U.S. in sales, making it one of the top five worldwide producers in revenue, with a combined market of products in more than 70 countries globally. The merger is expected to be finalized during the first quarter of 2012.
While the merged company will have a new corporate name that has not been disclosed, the Portobello and Eliane brands will continue operating independently under the new corporation, and no major changes are anticipated for the marketing, distribution or manufacturing of either brand. Other terms of the agreement were not shared at press time.