CIN and Boero: a new alliance in the coatings industry

Portuguese coatings manufacturer CIN and Italian coatings company Boero Group have committed to a joint future, creating a new impetus of greater growth and consolidation of their European presence.

The relationship between the two companies started a few years ago, when CIN acquired a small stock market stake in Boero. Recently, the Portuguese company increased the stake to 13%, reinforcing a relationship based on a deep knowledge and mutual respect, which originated a number of successful joint projects through the years.

With today’s transaction, CIN achieves a dominant position in Boero while the Boero family still holds a significant stake in the company.

Boero ended 2020 with a turnover of €90 million (c. £78.9 million) while CIN reached €234 million (c. £205.2 million) - an alliance which surpasses €320 million (c. 280.6 million) and allows a top 40 position on the world’s largest paint companies ranking.

CEO of CIN, João Serrenho, said, “This alliance of two family companies with very clear expansion goals and ambitions opens interesting perspectives to the development of both. Boero will continue to develop its activity from Genoa, and Rivalta Scrivia, maintaining its identity and management.” He continued, “Wishing all the employees of the Boero Group a common future full of success”.

Andreina Boero, CEO of Boero Group, noted, “[CIN is] a solid and friendly company, with an entrepreneurial culture and a high level of production standards that guarantee security and confidence on the beneficial effects of this union.

“Boero's cross-border expansion strategy now, with CIN by its side, has the solidity and the dimension needed to face competition with greater vigour, maintaining our identity and brand values,” Boero added.

The transaction terms have not been disclosed.

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