Two centenary companies unite their businesses to create a new dynamic aimed at business growth
CIN and Boero – a new alliance in the coatings industry
CIN, the Iberian leader Portuguese company in the coatings market, and Boero Group, an Italian coatings company established in 1831 and leader in the architectural, yacht and naval coatings sector, are committed to a joint future, to create a new impetus of greater growth and consolidation of their European presence.
The relationship between the two companies started a few years ago, when CIN acquired a small stock market stake in Boero. Recently, the Portuguese company increased the stake to 13%, reinforcing a relationship based on a deep knowledge and mutual respect which originated a number of successful joint projects through the years.
With today’s transaction CIN achieves a dominant position in Boero while the Boero family still holds a significant stake in the company.
Boero ended 2020 with a turnover of 90M €, while CIN reached 234M €, - an alliance which surpasses €320M and allows a top 40 position on the world’s largest paint companies ranking.
To CIN’s CEO João Serrenho, “this alliance of two family companies with very clear expansion goals and ambitions opens interesting perspectives to the development of both.” João Serrenho explains that “Boero will continue to develop its activity from Genoa, and Rivalta Scrivia, maintaining its identity and management” and finishes “wishing all the employees of the Boero Group common future full of success”.
Andreina Boero, CEO of Grupo Boero considers CIN “a solid and friendly company, with an entrepreneurial culture and a high level of production standards that guarantee security and confidence on the beneficial effects of this union.” To Andreina Boero, “Boero's cross-border expansion strategy now, with CIN by its side, has the solidity and the dimension needed to face competition with greater vigor, maintaining our identity and brand values.”
The transaction terms have not been disclosed.