MEXICO - Through their participation in the recent capital increase of Proteak, Financiera Maderera S.A. (FINSA) acquired a 5.2% stake in the company.

FINSA is the largest company in the Iberian peninsula in production and sale of boards, resins, melamine and veneer, among others. With over 80 years of experience, it operates 12 factories in Europe, with 2,750 employees and annual sales of USD 1,000 million.

"We are very pleased to have an international partner like FINSA, which brings to the mix their invaluable technical and commercial knowledge. Their participation confirms the soundness of our MDF project and will certainly be an important catalyst for its success," said Hector Bonilla, Chairman of Proteak.

The links between the two companies had already been made clear in January this year when Finsa and Proteak announced a strategic alliance (see: Notifix). The agreement includes the joint operation of the Proteak MDF plant, technology transfer and commercialization of FINSA products in Mexico. Since April this year the MDF Project Planning Director from FINSA is in Huimanguillo, overseeing the implementation of the plant.

"As already stated by Santiago Garcia Valino, our CEO, it is very exciting to be part of this project that we consider the most important of the sector in Mexico and Central America," said Mr. Domingo Aller, President of FINSA.

Proteak is the largest forest-industrial company in Mexico and Central America. With more than 18,000 hectares of plantations in Mexico, Costa Rica and Colombia, the company exports its products to more than 15 destinations in the Americas, Europe and Asia and Proteak is currently developing Mexico's largest forest-industrial project.