D'Ieteren sells stake in Carglass Brazil

D'Ieteren sells stake in Carglass Brazil

Car group D'Ieteren's subsidiary, Belron, has sold a 60 % stake in Carglass Brazil. Belron is focused on car glass solutions.

Lower turnover

Carglass Brazil's shares were sold for 4.8 million Brazilian real (about 1 million euro) to investment firm Advisia Investimentos, allowing either company to gain full control in the future.

 

"Advisia's local expertise, combined with Belron's global expertise, should help improve Carglass Brazil's competitive position with the Brazilian car glass repair and replacement industry", a D'Ieteren press release stated.

 

However, it will have to take a 40 million euro devaluation, to bring Carglass Brazil's book value back to its actual value.

 

Carglass Brazil's 2015 turnover dropped nearly 40 % to 53 million euro, with its operating income below zero for the past two years.

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