Madem Reels USA sells assets to Sonoco Group

Monday, May 24, 2010

On May 12, Madem Reels USA, located in Chattanooga, TN sold all assets to the Sonoco Group headquartered in South Carolina.

According to Gino Mazzoccato, President of Madem Group, the sale of assets to Sonoco hails the return to an old strategic partnership formed in 2000.

The deal will strengthen both companies, maintaining them competitive during a very difficult time in the wire & cable sector which is experiencing high raw material costs in lumber and steel and low demand. Terms of the transaction were not disclosed.

Madem Group with headquarters in Brazil is the leading nailed wooden reels producer in the world. Madem Group has forests, sawmills, plywood plant and manufacturing plants in Brazil, Spain and Bahrain with more than 600 employees and produces more than 500 containers/trucks of knock down reels per month.

Today the Madem name represents over 60 years of industry experience. The Madem team constantly strives to build trust and confidence by offering customers a superior quality product.

Source: Madem Reels