Alpargatas sells brands in Brazil, Argentina to trim costs
SAO PAULO Nov 3 (Reuters) - Brazilian footwear and apparel company Alpargatas SA agreed to sell its Topper and Rainha brands in Brazil to trim costs and improve cash flow, according to a Tuesday filing.
A group of investors led by Carlos Roberto Wizard Martins will pay 48.7 million reais ($12.7 million) for the brands in Brazil. The shoemaker also agreed to sell 20 percent of its Topper business in Argentina for a value that will depend on its operating profit and net debt at the end of 2015.
Industrial conglomerate Camargo Correa, the controlling shareholder of Alpargatas, has been working to sell assets and raise cash after a major corruption scandal.
($1 = 3.83 Brazilian reais) (Reporting by Brad Haynes and Alberto Alerigi Jr.)
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