Ogilvy & Mather acquires 40% of etcO in Brazil
1 March, 2007
WPP announces that its wholly-owned operating company Ogilvy & Mather Worldwide, the leading advertising and marketing communications network, has acquired 40% of the share capital of Etco - Empresa Tecnica de Communicacao S/C Ltda (“etcO”), a specialist in retail advertising.
Founded in 1987 and based in Ribeirao Preto, Brazil etcO employs 40 people. etcO had unaudited revenues of US$7.5 million for the year ended 31 December 2006, with gross assets at the date of acquisition of US$7.5 million.
This investment continues WPP’s strategy of developing its networks in fast growing markets and sectors.