RCSL3 Recrusul

Recrusul S.A., traded on B3 under the tickers RCSL3 and RCSL4, is a publicly held industrial company that originated from “Indústria e Comércio de Refrigeração Cruzeiro do Sul Ltda.”, founded in 1954 in Marcelino Ramos (RS). Its initial activities were linked to the manufacture of commercial refrigerators, ice cream freezers and refrigerated counters, rapidly evolving to truck bodies and modular cold chambers to serve local meatpacking plants. In 1965, the company began transferring its operations to Sapucaia do Sul, in the metropolitan region of Porto Alegre, where it still maintains its industrial plant on a total area of 96,827 m², with around 36,900 m² of built area. The transformation into a joint-stock company took place in 1970, the same decade in which the company began to record technological improvements and portfolio diversification, such as the production of refrigerated railcars for RFFSA, fiberglass plastic truck bodies and chassis for articulated buses.

Throughout the 1970s and 1980s, Recrusul expanded its presence in transport and refrigeration equipment, standing out in the manufacture of self-supporting tank semi-trailers for liquid transport, components for industrial refrigeration, cold rooms and warehouses, and large-scale freezing tunnels. During this period, subsidiaries were also structured, such as Refrima S.A., in the Manaus Free Trade Zone, focused on the production of transport refrigeration equipment and bus air conditioning, and Recrusul Turismo, Serviços e Agenciamentos Ltda., created to optimize logistics expenses. In 1985, the IPO provided funds for expansion and modernization. From the late 1990s onward, however, the company went through a challenging environment, with internal and external crises that affected working capital, resulting in a temporary halt in operations and subsequent entry into judicial reorganization, which ended in 2008 after the acquisition of control by a new group of investors.

With the end of the judicial reorganization and the restructuring started in 2008, Recrusul redefined its strategic focus, concentrating efforts on the road implements segment. The company began to direct its operations to specific niches within this market, leveraging its accumulated experience in the production of refrigerated semi-trailers and tanks for fuels, food and liquid derivatives. The road implements segment gained such relevance that, in 2024, it accounted for approximately 100% of the company’s revenue, highlighting the predominance of this activity in its business model. Over the years, labor, financial and unsecured creditors’ liabilities were gradually settled, allowing for greater operational stability and the resumption of large-scale production from 2018 onwards, after the period of sharp downturn in the sector between 2014 and 2016.

At the core of its current activities, Recrusul manufactures and sells a wide range of road implements, including three-axle grain and dry cargo semi-trailers, grain bitrains and road trains, refrigerated semi-trailers, carbon steel, stainless steel and aluminum tanks for transporting fuels, chemical, petrochemical and food products, silos for the cement and construction industries, plastic truck bodies and curtain-sided box-type semi-trailers (sider). More recently, the company introduced tipper implement lines, initially for sand and gravel and later for solid bulk cargoes such as corn, soybeans and barley, expanding its presence in segments directly linked to the agribusiness and construction chains. In 2019, the acquisition of Maxxibrasil Indústria de Tratores Agrícolas Ltda. added a new industrial driver, with the production of 55hp and 90hp agricultural tractors, although road implements remain the main source of revenue.

The company’s production process is structured according to lean manufacturing, just-in-time and MRP II concepts, using tools such as Kanban and production cells. Recrusul operates with an assembler profile, purchasing a relevant portion of its components from qualified suppliers, while concentrating in-house the stages with higher added value, such as cutting, bending, stamping and welding of carbon steel, stainless steel and aluminum sheets, as well as the application of insulating materials for refrigerated semi-trailers and plastic truck bodies. Production is organized into specific lines for grain and dry cargo, bitrains and road trains, refrigerated semi-trailers, silos and tanks, as well as plastic bodies, with installed capacity of around 50 units per month. Painting is carried out in booths equipped with filtration systems to reduce environmental impact, and final assembly includes installation of electrical, suspension and braking systems, followed by testing before delivery to the customer.

On the commercial front, Recrusul structures its distribution in the Brazilian market through independent distributors, authorized representatives and certified workshops for technical assistance. Billing is carried out directly in the name of end customers, while distributors and representatives negotiate commercial terms and are remunerated through commissions or resale margins. Most sales are made via financing lines such as CDC and FINAME, which ties demand dynamics to the cost and availability of credit for the acquisition of capital goods. The Brazilian market for road implements is considered highly competitive and fragmented, with large players leading the segment, and Recrusul operating as a relevant participant in specific niches such as grain trailers and tanks, albeit with a relatively small market share compared with the largest manufacturers in the sector.

From a supply standpoint, the company depends on raw materials and inputs typical of the road implements industry, such as carbon steel, stainless steel, aluminum, suspensions, tires, wheels, paints and chemical products. The relationship with large domestic and international suppliers is identified as a focus for long-term development, with emphasis on steel distributors and manufacturers of rolling components, and there is no indication of dependence on individual customers, since none accounts for more than 10% of net revenue. In regulatory terms, Recrusul’s activities are not subject to specific frameworks of sectoral agencies, and there are no material effects from state or foreign regulation beyond compliance with applicable industrial and environmental laws.

In the environmental, social and governance field, Recrusul states that it is integrated into the community of Sapucaia do Sul, generating local economic and social impacts, and declares compliance with socio-environmental legislation, including obtaining an operating license from the State Foundation for Environmental Protection of Rio Grande do Sul (FEPAM). The company reports that it does not yet publish a structured sustainability report, indicating that it is still evaluating the adoption of a more formal approach in this area. In terms of governance, the corporate structure includes currently inactive subsidiaries in refrigeration and services, in addition to Maxxitrac/Maxxibrasil in the tractor segment, forming a group in which Recrusul S.A. acts as an operational holding company with an industrial focus and consolidated results reflected in the shares traded on B3 under the codes RCSL3 and RCSL4.