Belron has teamed up with Advisia Investimentos to form a joint venture in Brazil. Under the agreement, the automotive glass repair and replacement unit of D’Ieteren sold 60 percent of its investment in Carglass Brazil to Advisia for $1.08 million USD (€1 million in Euros).
“The local expertise of the Advisia team combined with the global expertise of Belron will provide Carglass Brazil with a greater opportunity to enhance its position in the Brazilian vehicle glass repair and replacement market,” according to statement from D’Ieteren.
In 2014, the sales and operating loss for the Brazilian business within the D’Ieteren results were $94.5 million USD (€86 million in Euros) and $15.2 million USD (€14 million Euros), respectively, according to the company.
In 2015 the sales and current operating loss are expected to be $57.6 million USD (€53 million in Euros) and $4.3 million USD (€4 million in Euros), respectively.
“The joint venture agreement includes various call rights which enable either Belron or Advisia to take full control of the Brazilian operations in the future,” according to a statement from D’Ieteren.