February the Pamesa Group, chaired by Fernando Roig, reached an agreement with Argenta Cerámica and Cifre Cerámica whereby the Group acquired 50% of the capital stock of both companies.
Seven months later after the delays caused by the pandemic, on October 13, 2020, the Directorate of the National Markets and Competition Commission (CNMC) has notified the Group of the final authorization to carry out said operation with which the ‘giant’ tile maker adds a total aggregate turnover of 984 million euros, according to the latest data offered by the companies.
Based on this essential requirement, certain commercial and corporate operations will be carried out for the materialization of the acquisition agreement, the first of which was carried out on October 20, 2020. While the rest of the operations will materialize in the next few weeks.
Although in the first announcement of the acquisition the Pamesa Group made it clear that the management of both companies will continue to be carried out by the responsible persons so far, Josà © Cifre (Argenta) and Enrique Cifre (Cifre Ceramics). As well as that the partners involved in the management of Argenta and Cifre maintain 50% of the capital stock of both companies.
This agreement will allow all the companies involved in the operation to optimize synergies, improve your productivity and profitability, given that there will be greater purchase volumes and economies of scale at the manufacturing level, a better and greater offer of ceramic material and a clear commitment to the best service for the customers of each of the brands.
Additionally, both the Pamesa Group and Argenta Cerámica and Cifre Cerámica continue with their policy of investment in production and logistics capacity that will allow the growth of your sales in the future.
THE GROUP IN FIGURES
The Pamesa Group, reached in 2019 a consolidated turnover of 704 million of euros compared to the 646 million euros of 2019, with the growth in sales of the ceramic products business segment of 15%. The volume of sales in 2019 of ceramic material has exceeded 80 million m2. The Ebitda reached in the 2019 financial year amounted to 104 million euros, representing a growth of 16% compared to 2018.
The Pamesa Group’s estimates for the year 2020, are to continue increasing the sales figure and the Ebitda level. The volume of investment in property, plant and equipment of the Group during 2019 amounted to 90 million euros, with the accumulated volume of investment since 2014 being 343 million euros. The main investments in 2019 have been to increase its production capacity, to increase logistics capacity and investments to improve energy efficiency.
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