Proteak

Proteak

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Product type: Kitchen & Dining Furniture, Other Home Appliance
Supplier type: Drop Shipper, Manufacturer, Wholesaler
Market served: North America
Trade show: NA

Proteak started its forestry operations in 2000, establishing teak plantations on reclaimed cattle ranch land in the state of Nayarit, Mexico. Starting with 182 hectares, it chose this site because the soil profile and precipitation levels were similar to those found in Southeast Asia, teak’s native land.

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Proteak started its forestry operations in 2000, establishing teak plantations on reclaimed cattle ranch land in the state of Nayarit, Mexico. Starting with 182 hectares, it chose this site because the soil profile and precipitation levels were similar to those found in Southeast Asia, teak’s native land.
During the following six year period, the planted surface increased to 284 hectares. Proteak also received its first subsidies from the National Forestry Commission (Conafor) through the ProÁrbol program. It also became the first Mexican forestry company to successfully certify its plantations according to the Forest Stewardship Council® (FSC) standards, evidencing its sustainable forest management practices.
In order to develop a commercial outlet for its first thinning operations, Proteak established Comefor in 2007 and started manufacturing kitchen products, such as high-quality cutting boards. During the following year, it started selling these products in the North American market through its subsidiary Proteak Renewable Forestry.
In 2009, the planted surface reached 2,706 hectares. That year was also maked by important milestones for Proteak; it received the National Forestry Merit Prize from Conafor and managed to increase its number of partners.
After a decade of operating in the forestry sector, the events of 2010 strengthened Proteak’s performance. It received its first credit line from Financiera Rural and launched its Initial Public Offering for 890MM (USD 87MM). By the end of the year, its planted area reached 4,706 hectares.
Always keeping its commitment to the environment and the community, Proteak received the Chain of Custody certificate from FSC in 2011 for its manufacturing plant. The latter was moved from Tepic, Nayarit, to Lerma, Estado de México. It also extended its forestry operations to Colombia, Costa Rica, Panama, reaching 6,918 hectares. The acquisition of mature plantations in those countries allowed Proteak to start commercializing teak in Asia, Europe and North America. Regarding Research and Development, it built its first nursery and clonal garden, which allowed it to start plantations using only high-growth clones.
Both 2012 and 2013 were marked by ambitious results. Financially, Proteak managed a credit extension from Financiera Rural and received a credit line from the International Finance Corporation (IFC), which was also extended in 2013. Commercially, the company penetrated the Asian market with teak roundlog exports and ventured into the soft wood market with the acquisition of Forestaciones Operativas de Mexico (Fomex), with more than 8,000 has of eucalyptus. With this acquisition, Proteak started the development of Mexico’s largest forestry-industrial project that includes a high-tech MDF Plant in Tabasco to start operations in 2015. The plant will be supplied with eucalyptus from Fomex.
Commercially, at the beginning of 2013, Proteak decided to leverage its unbeatable leadership position in the forestry sector and develop the country’s most important forestry-industrial Project: construction of the first MDF plant with state-of-the-art technology. To ensure wood supply for the plant, Proteak acquired the largest private forestry company in Mexico from Grupo Kuo: Forestaciones Operativas de México, S.A. de C.V. (Fomex) with over 8,000 has of mature, certified eucalyptus plantations.
Resources for the MDF Project were raised through a capital increase with the issuance of 80,933,750 OPCs (Ordinary Participation Certificates) at a Price of MXP 12, subscribed almost entirely by institutional investors. The increase amounted to MXP 971.2MM.

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