On 1 March CIN acquired the assets of the Spanish company Govesan, a manufacturer of powder paints with its head office in Madrid, to form a new company - CIN Govesan.
Presenting synergies with the production unit in Portugal, this acquisition has the objective of bringing together their technical and manufacturing knowledge and capabilities, to obtain a stronger and more mobile whole with solutions for different markets.
João Serrenho, CEO of CIN, welcomes all of Govesan’s employees. “We welcome all employees with open arms and are certain they will quickly and naturally integrate within the existing team.
Together we will be stronger: in one team, we can bring together the market knowledge and experience of two great brands”.
Lucio San Martín, former managing director at Govesan, remains in charge of CIN Govesan.
“Govesan always stood out because of its innovation, quality, by providing an excellent and demanding service and a range of versatile products”, he stated.
“These values, which we relate to, are also CIN values. We are confident that the integration will proceed in a rapid and serene manner and will create new opportunities for CIN Govesan and for CIN.
We are very enthusiastic about this great step forward, since we are now part of the paint and varnish industry leader in the Iberian Peninsula".
Founded in 1965, the Govesan company manufactures and markets powder paints.
At present it has an annual manufacturing capacity of 15 thousand tonnes. In 2016, turnover amounted to 8.3 million euros, and 66% of sales were exports.