CIN, a Portuguese company and Iberian leader in the paint and varnish market, and Grupo Boero, an Italian paint and varnish company founded in 1831, leader in the paints for civil construction, yachts, and shipbuilding sectors, bet on a joint future aiming at a new dynamic in search of greater growth and consolidation of its presence at European level.
The relationship between the two companies started a few years ago, when CIN acquired a small stake in Boero on the stock exchange. Recently, the Portuguese brand increased its participation to 13%, reinforcing a relationship of greater knowledge and mutual respect that gave rise to a set of common and successful projects.
Through a purchase transaction carried out today, CIN now holds a dominant stake in Boero, maintaining the Boero family a significant stake in the company.
Boero ended 2020 with a turnover of € 90M, while CIN reached € 234M, – an alliance that exceeds € 320M which allows it to be listed as one of the 40 largest companies in the world in its sector of activity.
For João Serrenho, CIN’s CEO, this is “a union between two family companies, with very concrete ambitions and expansion objectives and whose alliance opens interesting perspectives for the development of both”. João points out that “Boero will continue to develop its activity from its headquarters in Genoa, and Rivalta Scrivia, maintaining its identity and management” and concludes “welcoming all the employees of the Boero Group, to whom it wishes a common path 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 in the beneficial effects of this union”. For Andreina, “Boero’s expansion strategy across borders now has, alongside CIN, the strength and dimension necessary to face competition with greater vigor, maintaining the identity and values of the brand”.
