DDB Needham ups stake in Argentine agency

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BUENOS AIRES -- Keeping true to its slogan "Think globally and act locally", multinational ad agency DDB Needham has boosted its share in Argentine ad agency Rainuzzo to 40%. Unlike other DDB associations, local partner Rainuzzo will retain majority control of the agency and will continue to hold the reigns in terms of decision-making, operations and art direction.

"This is one more step in the consolidation of a growth plan that we are developing," says Maximo Rainuzzo, VP of Rainuzzo DDB, who along with brother Fabio and father Roberto each hold a 20% stake in the agency. "This association is an important fact and the happy conclusion of an accord we have been working on."

Along with the new ownership boost, Darryl Lindberg, South American regional president of DDB Needham Worldwide, has been added to the Rainuzzo board.

In 1995 DDB Needham bought an 8% share in the agency, which has registered the largest sales growth of any Argentine agency for the last five years running. With sales of just over $9m in 1992, Rainuzzo has increased sales to $25m in 1996, making it the 15th largest agency in Argentina.

Copyright April 1997, Crain Communications Inc.

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