25 Mar 2019

CORTICEIRA AMORIM OPENS A NEW FACTORY IN THE UNITED STATES

The world leader in the cork industry opens a new factory in the United States, on April 2, traditionally its main market but dethroned by France last year, with an investment of more than eight million euros.

On April 2, Corticeira Amorim will inaugurate a new factory in the United States, with a total investment of 9.2 million dollars (about 8.1 million euros), according to "Dinheiro Vivo", an economy supplement of the JN and DN.

Located in the heart of California, the new unit of the Portuguese group is the biggest real estate investment made by the world’s leader of the cork sector outside Portugal.

The new facilities to be inaugurated will form the new headquarters of Portocork America, where all the services of the subsidiary, founded in 1982, will be concentrated, being one of the 52 distribution companies of Corticeira Amorim throughout the world.

Portocork America commercialize the natural corks "of high quality” from Amorim in the United States, traditionally the main market of the Portuguese group, but which changed place with France last year.

Of the 763 million euros of the business turnover registered by Corticeira Amorim in 2018, the highest ever, the French market generated 20% of the total, against 17% of the United States, with the devaluation of the dollar constituting as one of the factors that contributed the most to this decrease in the "ranking” of the destination markets of products of the group based in Mozelos, Santa Maria da Feira.

Source: In, Jornal de Negócios Online
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