MEXICO (Notifix).- Grupo KUO, reported on August 7 that it has reached an agreement to sell the assets and the brands of Rexcel, Panelart and Wilsonart, among others, part of its particleboard and laminates business that belong to the Particleboard Strategic Business Unit, to Maderas y Sintéticos de México, S.A. a subsidiary of Masisa, S.A,. a Chilean company with presence in Mexico, leader in the production and marketing of wood boards for furniture and interior architecture. The transaction, which includes the laminates and resins plant in Lerma, State of Mexico and two particleboard plants, one in Chihuahua, Chihuahua and the other in Zitácuaro, Michoacán, amounts to US $54.25 million plus the amount of operating working capital as of the closing date. This transaction will be executed as ongoing business and will be subject to the approval of the Federal Competition Commission (Comisión Federal de Competencia). Proceeds from this operation will be used by Grupo KUO to carry out investments that support the growth of its current Strategic Business Units, as well as to strengthen its financial position. "This transaction is strategic for Grupo KUO, as it will allow us to focus on the expansion of the companies that remain in our portfolio and to strengthen the Group's balance sheet. On the other hand, we consider that Masisa will be able to create a much greater value for those operations, which will translate into higher benefits for the Mexican consumers", said Juan Marco Gutiérrez Wanless, Grupo KUO's CEO. Meanwhile, Leo Schlesinger, Masisa's CEO said: "With this purchase, we increase our presence in the Mexican market, where we see opportunities for our company. We also expect to achieve significant synergies with the existing operations we have in Mexico."