AGI-Shorewood has purchased the equity interests of the minority stakeholder in its Mexican subsidiary, Shorewood de Mexico. As a result of the equity purchase, Shorewood de Mexico is now a wholly owned subsidiary of AGI-Shorewood international's operations.
Shorewood de Mexico had been a joint venture with Corporativo Cartograf S.A. de C.V., established in 2008 to support Shorewood's key multinational customers who were seeking high-end packaging solutions in Latin America. Based in the city and state of Aguascalientes, Shorewood de Mexico's state-of-the-art, ISO-9002-certified facility is equipped with offset lithographic and rotogravure presses, as well as finishing equipment. Today the business manufactures packaging for customers in the beauty and personal care, confectionary, health care and tobacco market segments.
According to AGI-Shorewood president and CEO Mike Ukropina, the move underscores AGI-Shorewood's commitment to the region. "One of our core strategies is to expand our business where our customers are growing, meeting their needs for value-added packaging in different parts of the world," he says. "Securing sole ownership of Shorewood de Mexico not only demonstrates we're serious about growing our business in Mexico and Latin America, it gives us the room we need to expand Shorewood de Mexico's capabilities and capacity over the next 15 months."
Prior to this transaction, Corporativo Cartograf owned the building occupied by Shorewood de Mexico. As a result of the transaction, Shorewood de Mexico will acquire the facility and Corporativo Cartograf will move its remaining operations out of the Aguascalientes facility over the next 15 months. Shorewood de Mexico expects to hire almost 400 Corporativo Cartograf employees and will gain additional manufacturing space to expand its operations.