Corticeira Amorim completed the acquisition of erdade de Rio Frio from Novo Banco for €22.3m..

Corticeira Amorim, a cork and cork-derived conglomerate company, completed the acquisition of Herdade de Rio Frio, a large agricultural estate, from Novo Banco, a Portuguese bank, for €22m. "The acquisition of Herdade de Rio Frio was a natural step in our strategy, to ensure the self-sustainability of our business activities. We will increase the density and productivity of the current cork oak forest in order to promote higher levels of cork production, that in turn can support our group’s growth targets," Paulo Américo Oliveira, Amorim Florestal CEO.