The Real Deal Miami

Brazilian firm buys InnoVida trade secrets at bankruptcy auction

December 07, 2011 11:07AM

Millport Associates has purchased the formula for a key material in
building low-cost homes from troubled construction firm InnoVida,
according to the Miami Herald. The company, which is a subsidiary of a
Brazilian conglomerate, purchased InnoVida’s trade secrets at a
bankruptcy auction. The formula involves the way to make certain resin
panels that can be assembled in a short period of time to build
hurricane- and earthquake-resistant homes. Before InnoVida’s bankruptcy,
it planned to use the panels to help Haiti in its reconstruction from
the January 2010 earthquake. Millport, which will largely use the
technology for a group of new factories in Brazil, has also signed a
deal to lease 25,000 square feet in Miramar. [Miami
Herald]