Mexico City — High density polyethylene water container and polypropylene random copolymer pipe maker Grupo Rotoplas SAB de CV has reached a preliminary agreement to buy a leading provider of water flow systems in Argentina, it said late April 4.
In a statement emailed to news media, the company said it expected to complete the purchase of 100 percent of IPS S.A.I.C y F. in the second quarter of 2018.
Rotoplas will fund the purchase with its own resources, it added.
"This acquisition reaffirms Rotoplas's commitment to consolidating its individual solutions portfolio in Argentina, incorporating leading brands and technologies," Carlos Rojas Mota Velasco, Rotoplas's chairman and CEO, said.
With 21 manufacturing plants in 14 countries across the Americas, Rotoplas claims to be the continent's leading provider of individual and integrated water solutions for storing, carrying and treating water.
Founded four decades ago in the Mexican capital, it was listed on the Mexican Stock Exchange in 2014, under the ticker AGUA.
IPS is located in San Martín in the Greater Buenos Aires metropolitan area.