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Latin Beat: Colgate to Invest in Argentina
By: Cristina Kroll
Posted: August 26, 2008, from the October 2007 issue of GCI Magazine.
On the heels of posting its secondquarter results, Colgate-Palmolive announced that it will invest $1.65 million in toothpaste manufacturing in Argentina. The decision was announced during a meeting between Bradley Farr, vice president and general manager, Colgate-Southern Cone Latin America, and Argentina’s president, Néstor Kirchner. Argentina’s economy minister, Miguel Peirano, announced that “the investments represent an increase of 70% in the Argentinean production” and replace imports from Brazil.
According to Colgate’s second-quarter financials, published on July 25, Latin American sales grew 16% in the quarter (see Stock Watch on page 65), with every market in the region contributing to the strong volume gains.
Beiersdorf Cites Growth Potential in Latin America
Beiersdorf announced that its sales increased 9.2% in the first half of 2007, compared with the same period last year. In Latin America, sales were up 28.1%, driven by important growth in Brazil, Mexico, Venezuela and Argentina. Nivea brand deodorant, skin care and bath products achieved the best sales growth in the region. Forecasting the second half of 2007, the company expects a moderate expansion in major Western European markets, and significant growth is expected to continue in Asia, Eastern Europe and Latin America.
“Beiersdorf has attractive growth opportunities through strong positioning in growth categories and huge potential in developing markets,” the German company stated in a press release.
International Campaign Lands in Argentina
Vichy Laboratory has created its first Healthy Skin Center in Buenos Aires, supported by the Asociación Argentina de Dermatología Pediátrica. According to Christian Schamee, marketing director, Vichy Laboratory, the main objective of the center is to make consumers aware of the importance of skin health, and provide them the chance to learn about the specific characteristics of their skin and its daily care needs. “This proposal is a part of the company’s worldwide campaign that has already extended to 30 countries, four continents [and attracted] almost one million attendants,” Schamee told GCI magazine. During the opening week, dermatologists and pharmaceutical professionals provided free skin diagnosis and preventive conferences, and the company donated a product to Dr. Ricardo Gutierrez’s Children’s Hospital for every 10 people in attendance.