Byrna Technologies forms Byrna LATAM, opening factory in Argentina

Byrna Technologies announced the formation of new subsidiary, Byrna LATAM, based in Montevideo, Uruguay. Byrna LATAM will be responsible for the manufacture, sale, and distribution of Byrna products throughout Latin America. Byrna LATAM is a joint venture between Byrna and Fusady, a holding company owned and controlled by a group of investors with decades of experience operating throughout Latin America. Byrna is the majority owner of Byrna LATAM and has a call option on the shares in Byrna LATAM that it does not already own that may be exercised upon the occurrence of certain circumstances. Byrna LATAM was capitalized through an initial contribution of $4.1M in equity and shareholder loans provided Byrna and Fusady. The company is in the process of setting up manufacturing operations in Buenos Aires, Argentina to take advantage of the 270 million strong "Southern Common Market." By manufacturing inside the Mercosur free-trade zone, Byrna believes it can save as much as 30% in tariffs, duties and freight costs. Production is expected to begin in February. The company has hired Maximiliano Garimaldi to be CEO of Byrna LATAM, an engineer by training and holding an MBA from Austral University in Buenos Aires.