SANTIAGO, Chile, Nov. 28 /PRNewswire-FirstCall/ -- MASISA S.A. (hereinafter referred to as "Masisa" or "the Company") hereby informs that Roberto Salas, the new President and CEO of GrupoNueva, the controlling shareholder of Masisa, has today been appointed a director of the Masisa Board, replacing Julio Moura. Salas shall take office as of December 19.
Roberto Salas was until November 15, 2007 the President of the AMANCO group.
AMANCO, a leading piping system manufacturer in Latin America, with annual sales of around US$1 billion, belonged to GrupoNueva up to March this year when it was sold to the Mexican group Mexichem for US$630 million.
Moura said of Roberto Salas, who has been involved in GrupoNueva for over 15 years, that "I have no doubt that Roberto as the new President of the Board will make a decisive contribution to Masisa achieving new and greater objectives, as he did at Amanco, which under his undisputed leadership expanded and became the main company in its sector in Latin America."
Masisa likewise informed that Carlos Marin was also today elected a Director of Masisa, effective as of December 19. Marin is currently the COO and CFO of GrupoNueva
Roberto Salas and Carlos Marin will replace Julio Moura and Patrick Nielson, respectively, as Directors of Masisa, who have resigned as of December 19 when the new President of Masisa will be elected.
About Masisa
Masisa is a leading furniture and interior architecture board production and marketing company in Latin America. It owns forest assets in most of the region, thereby guaranteeing the raw material for its board business. Masisa's value proposal is to be a reliable brand, and a company close to all its stakeholders, anticipating market needs by means of product and service innovation, and operating responsibly towards society and the environment.
Masisa has 14 production plants in Chile, Argentina, Brazil, Venezuela and Mexico, all of which will have the ISO 14,001 and OHSAS 18,001 certification. Masisa is currently building an MDP plant in Montenegro, Brazil that will have a production capacity of 550,000 m3 a year and will be the company's largest plant in Latin America, mainly for supply to the Brazilian market.
Masisa has three other divisions that operate in synergy with its core board division: forestry, solid wood and retail.
Masisa is a publicly-traded corporation and its shares are traded on the Santiago Stock Exchange, and on the New York Stock Exchange in the form of ADRs. The company had consolidated net sales of US$886.5 million in 2006.
Forecasts and Estimates
This press release may contain forecasts, which are different statements from historical facts or current conditions, and include the management's current vision and estimates of future circumstances, industry conditions and the Company's performance. Some forecasts may be identified by the use of terms such as "may," "should," "anticipates," "believes," "estimates," "expects," "plans," "intends," "forecasts" and other similar expressions. Statements about future market share, projected future competitive strengths, the implementation of significant operating and financial strategies, the direction of future operations, and the factors or trends affecting financial conditions, liquidity, or operating income are examples of forecasts. Such statements reflect the current management vision and are subject to various risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. These statements are made based on many assumptions and factors, including general economic and market conditions, industry conditions and operating factors. Any changes in such assumptions or factors could lead to the current results of Masisa, and the projected Company activities, to materially differ from current expectations.
For further information, please contact:
Investor Relations
(56 2) 350 6038
