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Service Corporation International Announces Further Expansion Into Argentina
HOUSTON, June 3 /PRNewswire/ -- Service Corporation International (NYSE: SRV) (SCI), the world's largest funeral and cemetery company, announced today that one of its subsidiaries has acquired four cemeteries in Buenos Aires, Argentina: Jardin de Paz S.A., Parque del Companario S.A., Solaz S.A. and Parque Lujan S.A. These acquisitions will strengthen the already prominent position of SCI in the private cemetery market in Buenos Aires.
The businesses are located strategically around the Federal Capital of Argentina, provide over 5,000 interments annually, and will produce annualized revenues of approximately $30,000,000. Including existing operations, SCI will serve approximately 16,000 families annually in the Greater Buenos Aires metropolitan area. With the addition of these properties, SCI's network of cemeteries will create an excellent opportunity to expand its funeral presence in Argentina and the major cities of South America through acquisition, construction and the selling of prearranged funerals.
R. L. Waltrip, SCI's Chairman and Chief Executive Officer reported, "Since our initial entry into Argentina approximately six months ago, we have expanded our operations in Greater Buenos Aires to over $50 million in annualized revenue and initiated the sale of prearranged funerals."
As of March 31, 1998, SCI operated 3,166 funeral service locations, 398 cemeteries and 166 crematoria. SCI provides funeral and cemetery services in 18 countries on five continents. SCI's stock is traded on the New York Stock Exchange. The company's ticker symbol is SRV.
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