Clopay Corp. expanded its presence in South American plastic film markets by acquiring a majority stake in Isofilme Ltda. of Sao Paulo, Brazil.
Isofilme, like Clopay, specializes in films for infant diapers, adult incontinence products, feminine hygiene, and medical and industrial applications. Its production plant also is in Sao Paulo.
Isofilme's sales last year were about $15 million, said Clopay's parent company Griffon Corp. in a June 18 news release. The business, renamed Clopay do Brasil, will be led by existing management, including manager delegates Alberto Beda and Alexandre Teig. Beda, Teig and two partners will retain a minority interest, said Clopay Plastic Products Co. President Leo Cancio.
Clopay's North American film sales were an estimated $150 million in 2000. The firm's headquarters and technical center are in Cincinnati, and it runs film plants in Augusta, Ky., and Nashville, Tenn. It also has a film-making subsidiary in Dombuhl, Germany, and is partner in a film joint venture in Aschersleben, Germany.
Cancio said Clopay has been selling film in South America for about 20 years and has been looking for a local partner for about five years. It wanted to strengthen its stake in the continent's hygienic film market, which is growing at an estimated 8-9 percent per year, Cancio said by telephone.
Griffon of Jericho, N.Y., is a publicly traded firm with other businesses in garage doors and other construction products, and in information and communication systems for government and commercial use.