Brazilian businesspeople interested in acquiring textile companies in Portugal

27 September 2012

Brazilian businesspeople are expected to take advantage of opportunities created by the financial crisis in Europe and acquire textile companies in Portugal, said the president of the Brazilian Textile and Clothing Association (Abit), Fernando Pimentel.

Speaking to Portuguese financial daily newspaper Jornal de Negócios, the president of Abit, who noted “the extensive experience” and “the quality and innovative textile products,” that are produced in Portuguese factories, said that Portugal could be a “gateway to the European market,” by acquiring companies or setting up partnerships.

On the sidelines of the 28th World Clothing Convention, held in the city of Porto, the director-general of the Portuguese Clothing and Textile Association(Atp) confirmed that there had been “many approaches,” made by “large Brazilian companies,” working on a global scale and which “may fund there platform here to jump into the European market.”

The director-general of the Atp said he saw this Brazilian incursion as a positive thing for the northern region of Portugal – 85 percent of Portugal’s textile companies are located within a 50-kilometre radius of the city of Famalicão – “so long as they bring what the Portuguese companies need.”

Brazilian companies would offer Portuguese textile companies access to funding in order to invest millions of euros in modernising and expanding the Portuguese factories as well as to open up the way to the Brazilian market, where there are high import taxes on goods and administrative obstacles on imports. (macauhub)