Business
WD-40 Company Acquires Current Brazilian Marketing Distributor
~ New WD-40 Company direct distribution market to be headquartered in Curitiba, Brazil ~ SAN DIEGO--(BUSINESS WIRE)-- WD-40 Company (NASDAQ:WDFC) announced
About this update from Wd-40 Company
[{"type":"text","content":"\n~ New WD-40 Company direct distribution market to be headquartered in Curitiba, Brazil ~\n\n\n SAN DIEGO--(BUSINESS WIRE)--\nWD-40 Company (NASDAQ:WDFC) announced today that a definitive agreement has been entered into acquiring the company’s current Brazilian marketing distributor and long-time business partner, Theron Marketing Ltda.\n\n\nWD-40 Company and Theron Marketing have worked closely together to market and sell WD-40® Brand products in Brazil. Theron Marketing was established in 1997 to focus solely on the distribution and sales of WD-40 Company products in Brazil and does not market or sell any other products. The transaction will bring together Theron Marketing’s established workforce, customer base, and distribution logistics with WD-40 Company’s best-in-class marketing and brand building capabilities. As a result of their highly integrated and close historical working relationship, the companies expect a seamless integration.\n\n\nPursuant to the terms of the transaction, WD-40 Holding Company Brasil Ltda., a wholly owned subsidiary of WD-40 Company, acquires all outstanding shares of common stock of Theron Marketing Ltda., a wholly owned subsidiary of M12 Participações Empresarias S.A., in an all-cash offer. With this transaction, WD-40 Company will begin direct distribution within the country of Brazil immediately. M12 Participações Empresarias S.A will continue to act as WD-40 Holding Company Brasil’s logistics operator.\n\n\n“This transaction directly supports our first Must-Win Battle which is to lead geographic expansion of WD-40 Multi-Use Product,” said Steve Brass, president and chief executive officer of WD-40 Company. “This acquisition will enable us to drive faster topline growth, a smoother market transition, and a shortened learning curve compared to building a direct market from the ground up.\n\n\n“We are fortunate to negotiate a path forward that is in the best interest of both organizations. M12 Participações Empresarias S.A. have been an outstanding partner to us, and I want to thank them for their ongoing support over the years. I also want to extend a special welcome to all the Theron Marketing employees who have done a marvelous job building the WD-40 Brand in Brazil over the last 27 years. We are thrilled to officially welcome you into our WD-40 Company family,\" concluded Brass.\n\n\n“We v...