Said to be Brazil's largest manufacturer of vulcanised footwear Vulcabrás—part of the Grendene Group—has announced plans to acquire Argentinean footwear producer Indular Manufacturas, including sports footwear brand Signia, based in Coronel Suarez, in the province of Buenos Aires. Although the purchase price has not been disclosed, Vulcabras has revealed that it plans to invest approximately $25 million modernising the company’s production facilities and expanding capacity.

According to Milton Cardoso, director-superintendent of Vulcabrás, the company hopes to be producing 2.5 million pairs a year at the factory, including Reebok trainers, by the end of 2008, which will be distributed in both Argentina and Brazil. The company also aims to increase the workforce from 600 to approximately 2,000.

Indular once belonged to Argentina's largest footwear manufacturing group Gatic, which closed down during the 2001 financial crisis, and was bought by local entrepreneur Guillermo Gotelli two years ago.