PRESS RELEASE
Chargeurs enters into partnership with the Otegui family concerning its wool business in Uruguay
Chargeurs has finalized the partnership agreement with the
Otegui family, whereby the family acquired a 50% interest in
the Chargeurs Wool companies in Uruguay on September 12.
With their equal shareholdings, Chargeurs and the Otegui
family are strengthening a relationship initiated in 1990.
The companies include a sales unit in Montevideo, a wool-
combing mill in Trinidad and a wool-sorting center in
Durazno.
The transaction, in an amount of USD 6.5 million following
the distribution of USD 2.8 million in dividends, was carried
out on the basis of the assets' book value.
The operations in Uruguay generate annual revenue of €28
million and employ 105 people. Chargeurs' full-year revenue
target of €527 million, announced on August 30, reflected the
fact that these operations will be accounted for by the
equity method as from fourth-quarter 2012.
o o o
The Otegui family is a key player in Uruguay's economy,
with interests in other sectors in addition to textiles.
Pedro Otegui, already part of the management team, will
become Chairman of the wool companies in Uruguay. He is also
chairman of the International Wool Textile Organization
(IWTO) Uruguay.
September 14, 2012
Corporate Communications
Phone: 01 71 72 31 65 http://www.chargeurs.fr
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