The company Masisa reported this Wednesday that it sold all its assets in Argentina and that it decided to abandon all its operations in that country, accusing that it is a complex and highly volatile market.
the lumber company Masses announced this Wednesday that it will abandon all its activities in Argentina, following selling its participation in all the companies that operated in the trans-Andean country for an amount exceeding US$69 million.
According to the essential fact sent to the Financial Market Commission (CMF), Masisa sold its participation in Forestal Argentina SA and Masisa Forestal SA, in addition to selling 72 thousand hectares, all for $69,364,162 and that following withholding taxes, he entered US$ 60,000,000.+
Likewise, the sale will have a negative effect on the valuation of Masisa’s equity, due to the fact that due to exchange rate issues and the devaluation of the Argentine peso, the company recognizes a loss of US$245 million, something that affects cash flow, consigned Financial Journal.
“We are very satisfied with this transaction, which allows us to get rid of an asset in good condition that was not fully aligned with our strategic plan, and at the same time get out of a complex market with high volatility”, Masisa’s corporate general manager, Alejandro Carrillo, said in a statement.
Masisa adds in the statement that the company’s strategic plan is to maximize its profitability with higher value-added products and create new sales channels taking advantage of new technologies.
The lumber company joins companies such as Falabella that have reduced their presence in Argentina, Cencosud that also wants to reduce its operations or Latam that left the neighboring country in June.
Good results from Masisa
In its quarterly report, published in early November, the company reached a EBITDA of US$99.1 million, which represents an increase of US$44.4 million compared to the same period of the previous year.
The previous result corresponds to an improvement in sales margins, as part of the strategy outlined by the company to develop products and services that incorporate greater added value, together with efficiency in costs and expenses.
This is how Masisa has managed to develop new product lines, which stand out for their high quality and design, and which are distributed through its multiple sales channels.