Corimon, C.A. – Clase B

What it is

Corimon is a Venezuelan chemical company founded in 1949, engaged in the manufacture, distribution and sale of paints, resins, packaging materials and ink. It makes paints for architectural, wood, traffic, industrial, marine and automotive applications, as well as synthetic resins, flexible packaging, and inks; it also runs a retail network of paint and decoration stores under the Tiendas Montana brand.

Its main operating arms are Corimon Pinturas C.A. (paints), RESIMON C.A.

(synthetic resins and chemical derivatives), Montana Grafica C.A. (flexible packaging and rotogravure printing), Cerdex C.A.

(painter’s tools and brushes), and Tiendas Montana C.A. (paint retail stores).

The company is listed on the IBC index of the Caracas Stock Exchange and operates in Venezuela and Trinidad and Tobago.

Who owns it

Corimon was founded in 1949 by Hans Neumann, Lotar Neumann, Patrick Pick and Jaroslav Špaček — a group of Czech emigrants who had fled post-war Europe and brought with them a century-old paint-making tradition. Montana, the name that became the group’s flagship brand, was originally a paint factory in Prague owned by the Neumann family since the early 1920s.

According to investigative outlet Armando.info, the Cisneros family — through Eduardo Cisneros and his 3B1 Guacamaya Fund — acquired Corimon, with the purchase price reported at around US$60 million. The precise current ownership split and the free float percentage for the Clase B preferred shares are not disclosed in available open-access sources; Corimon’s shares have traded on the Bolsa de Valores de Caracas since 1979.

Who runs it

Carlos Gill Ramírez has served as President of the Board of Directors; he has been accompanied at shareholder assemblies by Omar Pernia Pacheco as Vice-President, and by Esteban Szekely as Director General of the company. Whether these appointments remain current has not been confirmed in available sources more recent than 2024; the current CEO and CFO titles are not disclosed in available open-access primary sources.

A shareholders’ assembly was convened for 26 September 2024, suggesting active governance continues, but the agenda and outcomes of that meeting have not been made publicly available in open-access sources.

The money, in plain words

Corimon files audited consolidated financial statements with the Bolsa de Valores de Caracas each year. The most recent filing confirmed to be publicly announced covers the audited consolidated balance sheet and income statement for the year to 31 March 2023.

The actual PDF of that filing sits behind the BVC’s registration system and the headline revenue and profit figures are not accessible without a paid subscription — they are not disclosed in available open-access primary sources.

Venezuela’s chronic currency devaluation makes any bolivar figure hard to anchor over time — at today’s rate of 698.47 VES per US dollar, even a modest business generating 66 billion VES in annual sales would equal roughly US$95 million. An AI-aggregated estimate from ZoomInfo puts annual revenue at approximately US$94.9 million, but this figure comes from an unverified third-party source and should be treated with caution; that summary is generated by AI and Corimon advises verifying critical information with official sources.

What it is doing now

In early 2023, SUNAVAL (the Venezuelan securities regulator) approved a major capital increase via Providencia No. 028 of 22 February 2023, authorising the issue of 490,473,477 new shares, distributed to existing shareholders at a ratio of three new shares for every one held. This was a capitalisation of retained surplus, not a cash fundraising — meaning shareholders received more paper without the company raising fresh money.

The acquisition of Corimon by Eduardo Cisneros’s 3B1 Guacamaya Fund — a US$200 million vehicle set up to buy undervalued Venezuelan industrial assets — was identified by Armando.info as the fund’s first significant transaction. This signals a new chapter: an investor betting that Venezuela’s tentative economic stabilisation can revive a group that was once the country’s pre-eminent industrial conglomerate.

What to watch

• Financial disclosure: Corimon’s audited statements for the fiscal year ended 31 March 2024 (and 2025) should appear on the BVC’s filing page; access to those figures would allow proper calculation of margins, return on equity and valuation.
• Ownership clarity: The exact stake held by the 3B1 Guacamaya Fund and the free float for both Class A and Class B shares are not publicly confirmed — a key risk for any outside investor.
• Currency drag: All revenues are in Venezuelan bolivars; any tightening of the managed exchange rate or resurgence of hyperinflation would erode the US-dollar value of earnings overnight.
• Leadership: Confirmation of the current board composition following the September 2024 shareholders’ assembly has not appeared in open-access sources — a gap worth monitoring.
• Corimon describes itself as an “absolutely vanguard group” with high market share across all its product lines — the test is whether new ownership translates that brand position into transparent, growing profits.

This is news, not investment advice.