ARGENTINA – Fiplasto, recently acquired by a group of investors, has completed its first major acquisition by purchasing 81.83% of Cuyoplacas, a Mendoza-based manufacturer of “Platinum” branded furniture and melamine particleboards.

This acquisition will enhance Fiplasto’s position in the ready-to-assemble furniture and particleboard markets.

According to Fiplasto, Cuyoplacas is complementary to its business, and the integration will drive growth and synergies between the two companies, with nearly 500 direct jobs.

Founded over 75 years ago, Fiplasto is the sole producer of high-density fiberboard (hardboard) in Argentina. It owns over 2,400 hectares of forest plantations and operates plants in province of Buenos Aires . Fiplasto was previously controlled by German company FV, until being acquired by a local investor in 2023.

Cuyoplacas, which has faced financial difficulties, reported 2023 revenues of ARS 6.1 billion but a net loss of ARS 663.8 million. Fiplasto plans to leverage the acquisition to expand its presence in the furniture sector.

The closing of the transaction took place on December 3, 2024, through the execution of a share purchase and sale agreement between Fiplasto, as buyer, and a group of shareholders of Cuyoplacas as sellers.