The Mexican bottler and retailer FEMSA said Thursday that its distribution subsidiary in the United States, Envoy Solutions, reached an agreement to buy Johnston Paper Company in that country, in the second acquisition of a similar company announced this week.
Johnston Paper is an Auburn, New York-based distributor whose revenues in the last 12 months through October were over $ 90 million, according FEMSA, which added that the deal will contribute to its efforts to build a distribution platform in the United States.
Just on Tuesday, FEMSA announced the purchase by Envoy Solutions of Next-Gen Supply Group, located in Massachusetts, which adds to the acquisitions of the firms Penn Jersey Paper and Daycon Products, also in the United States, in recent months.
The transaction, the amount of which was not disclosed, is expected to closes during the fourth quarter of 2021, FEMSA said in a statement to the Mexican stock exchange. Its shares closed Thursday with a loss of 0.47% to 156.27 pesos in the local market prior to the announcement.
Reference-www.eleconomista.com.mx