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Byrna Technologies Announces the Formation of Byrna LATAM and the Opening of a New Factory in Argentina
Byrna LATAM will Allow Byrna to Expand its Presence in Central and South America ANDOVER, Mass., Jan. 12, 2023 /PRNewswire/ -- Byrna Technologies Inc.
About this update from Byrna Technologies, Inc.
[{"type":"text","content":"Byrna LATAM will Allow Byrna to Expand its Presence in Central and South America\nANDOVER, Mass., Jan. 12, 2023 /PRNewswire/ -- Byrna Technologies Inc. (NASDAQ: BYRN) (\"Byrna\" or \"the Company\") today announced the formation of new subsidiary, Byrna LATAM, based in Montevideo, Uruguay. Byrna LATAM will be responsible for the manufacture, sale, and distribution of Byrna products throughout Latin America. Byrna LATAM is a joint venture between Byrna and Fusady SA, a holding company owned and controlled by a group of highly successful investors with decades of experience operating throughout Latin America. Byrna is the majority owner of Byrna LATAM and has a call option on the shares in Byrna LATAM that it does not already own that may be exercised upon the occurrence of certain circumstances.\n\n \n \n \n \n \n \n\n \nByrna LATAM was capitalized through an initial contribution of $4.1 million in equity and shareholder loans provided Byrna and Fusady SA. The Company is in the process of setting up manufacturing operations in Buenos Aires, Argentina to take advantage of the 270 million strong \"Southern Common Market.\" By manufacturing inside the Mercosur free-trade zone, Byrna believes it can save as much as 30% in tariffs, duties and freight costs. Production is expected to begin in February.\nThe Company has hired Maximiliano (Maxi) Garimaldi to be CEO of Byrna LATAM. Maxi is an engineer by training and has an MBA from Austral University in Buenos Aires. Maxi brings almost 30 years of experience to the position having worked for such well known international companies as Phillips and Sodimac where Maxi was the operations manager for Argentina and Uruguay. Most recently, Maxi was the COO of Moova, an Argentinian based technology company. Maxi is certified in Lean Management and has training in Agile Methodology and Digital Transformation Strategies.\nBryan Ganz, CEO of Byrna, stated that \"by establishing Byrna LATAM and manufacturing Byrna's line of less-lethal pistols and rifles inside the Mercosur free-trade Zone, Byrna believes that it can make significant inroads into the South American market for personal self-defense. South America is already Byrna's fastest growing market, accounting for 10% of the Company's total worldwide sales in 2022.\" \n\"Central and South America have always had a strong gun culture, however, it...