Corticeira Amorim buys Cosabe for 5.5 million euros

Corticeira Amorim bought the entire company Cossie – Companhia Silvo-Agrícola da Beira for 5.5 million euros, and today it was notified to the Securities Market Commission (CMVM).

“Corticeira Amorim, through its subsidiary Amorim Florestal, the sub-holding company of the raw materials business unit, entered into an agreement to acquire 100% of Companhia Cosvel – Companhia Silvo-Agrícola da Beira, headquartered in Lisbon, whose main asset is Herdade da Baliza, located in the zone of Castelo Branco / Tejo Internacional, a total area of 2,866 hectares (Herdade da Baliza), for a total value of 5.5 million euros, “reads in the information to the market.

Corticeira also informed that Amorim Florestal has a forestry intervention project underway that “aims to ensure the maintenance, preservation and valorization of cork oak forests and, consequently, the continuous production of quality cork, developed in close partnership with forest producers, research institutions and local political entities “.

Within the scope of this project, Amorim Florestal intends to develop a “suberícola” plantation in the Herdade da Baliza, in an intensive and fertigated production mode, increasing the density of cork trees per hectare and faster growth of them, significantly reducing the time required for the beginning of exploitation of the trees “.

Corticeira Amorim estimated that this investment “could be a valuable contribution to the assertion of the countryside as a sustainable and profitable investment now also for the generation that plants it.”