ACO, C.A.

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ACO, C.A. is a Venezuelan holding company for an umbrella organization of over eighty companies engaged in a wide variety of industries throughout Venezuela predominately in the automotive industry. It is best known for the sale, servicing and leasing of automobiles nationally. It was founded in the late 1940's by three individuals of Estonian origin -- Albert Tattar, Harry Mannil and Arnold C. Orav -- and was financially backed by Juan Simon Mendoza (then the wealthiest individual in Venezuela as owner of the Grupo Polar) and several other prominent Venezuelans. The company was initially presided over by Albert Tattar. It emerged in the 1970s as the world's largest tractor dealership as the exclusive dealer for John Deere tractors in Venezuela. It also became the largest automobile dealership in South America, according to verified statistical compilations. The diversity of businesses was substantial and reached into many non-vehicle markets. On Tattar's death the leadership of the conglomerate passed to Harry Mannil. Under his direction, the group continued to expand and prosper. It passed the US $ one billion in sales during 1973 and ranked as the most profitable private sector company in the nation (according to national statistics). Changes in Venezuela's economy and political environment during the early 1980's caused a spiralling downturn for many large businesses in Venezuela. In the case of the Aco Group, a financial crisis emerged as motor vehicle sales plummeted and loans in US Dollars heightened. By 1993, the Aco Group was forced into reorganization and a restructuring of the entire group. The first step was the consolidation of all companies into a tightly controlled centralized holding company. A young, dynamic President took the reins of management. The Aco Group has re-emerged as one of the most lucrative private sector businesses in Venezuela today.