Media giant WPP, run by Si Martin Sorrell, has bought Chilean consumer insight group Cadem Advertising in an effort to expand its footprint in fast-growing markets.
Cadem, acquired by WPP's brand, media and communications research subsidiary Millward Brown, was founded in 1997 and has served clients including Coca-Cola, Falabella Retail, Nestle, Telefonica and Unilever.
The firm has operated as a licensee of Millward Brown for many years providing brand tracking, quantitative and qualitative research services.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"This acquisition continues WPP's strategy of investing in fast growing markets and sectors and its commitment to developing its strategic networks throughout Latin America," WPP said.
Cadem generated 3.2bn Chilean pesos (around £4.2m) in revenue in 2011. WPP's annual revenues in Latin America total around $1.5bn.
By 15:15 on Friday, WPP was trading 0.18% higher at 821p.
BC
-
The best properties for sale for around £500,000Properties for sale for around £500k – from a Grade II-listed former rectory in County Durham to an early 19th-century chateau in southwest France.
-
M&S recovery has momentum: will it stick?After years of decline, M&S seems to have turned a corner. But is this just a “dead cat bounce”?
