Ercros
From Wikipedia, the free encyclopedia
Ercros is a Spanish company in the chemical industry, headquartered in Barcelona. It is currently one of the leading chemical companies in Spain. Ercros is present in more than ninety countries.
Origins and history
Ercros was born in 1989 from the merger of the Explosivos Río Tinto (ERT) group and the public limited company Cros.[1][2] Towards the end of the 1980s, a process of merger between both conglomerates had begun. One of the main architects of this operation was the KIO group , the European subsidiary of the Kuwait Investments Office , which had controlled the Cros company for years.[3] At the time of its creation, Ercros was the main chemical company in Spain,[4] which in turn was a holding company present in numerous sectors. Its first president was Javier Vega de Seoane.[5]
The new group was organized into five major business areas: mining, fertilizers, petrochemicals, chemicals, and defense/explosives.[6] A new subsidiary, Erkimia , was created for the chemical division ,[7] while the historic company Unión Española de Explosivos was reconstituted for the explosives and defense division . For the fertilizer division, the assets of that business owned by ERT and Cros were concentrated, creating the company "Fertilizantes Españoles" (Fesa).[8] At the same time, in 1989 Ercros acquired the former state-owned company Enfersa , which it merged with its subsidiary. Thus, one of the largest Spanish fertilizer companies was born, Fesa-Enfersa.[9] Within the mining division, the company Río Tinto Minera stood out , followed by several smaller subsidiaries.
Financial crisis
By 1990, the Ercros conglomerate was made up of more than seventy subsidiaries and had a sales volume of 231,229 million pesetas .[10] It also had a network of production centers and facilities throughout much of the country. Despite its preeminent position in the Spanish market, the holding 's financial situation was very fragile due to the large debts it had inherited from its predecessors. Already in August 1990, the value of Ercros shares on the stock market had depreciated by 36%.[11] In this context, the KIO group began to leave the holding's shareholding, which further complicated the financial situation.
On July 8, 1992, Ercros declared bankruptcy,[5] which at the time was one of the largest bankruptcy proceedings in Spanish history. By then, the group had a financial hole of 215 billion pesetas.[12] Regarding the reasons for this outcome, some authors have even suggested that it was due to "the poor management of the KIO Group and its speculative ambitions."[1] As a result of the economic downturn, several of the company's production centers were closed, while the workforce was significantly reduced. For this reason, during those years Ercros was also forced to sell a good part of its subsidiaries, such as Ertoil,[13] Ertisa, Ership, Erkol,[14] Río Tinto Minera,[15] Fesa -Enfersa, Unión Española de Explosivos,[16] etc.
Reorganization
The serious crisis that the company went through led to a profound internal reorganization, leaving sectors such as mining, fertilizers, etc. With a healthy financial situation, Ercros would begin a new stage at the beginning of the 2000s, although limited to the chemical industry sector and, to a lesser extent, to the pharmaceutical and animal feed sectors.
In 2005, it integrated the Aragonesas Group into its structure,[17] after having taken control of it. A year later, in March 2006, it acquired the entire capital of the Derivados Forestales group,[18] after which Ercros became the leading non-petrochemical Spanish chemical company.
In 2010, it sold its German subsidiary, Ercros Deutschland GmbH, dedicated to the emulsion business.[citation needed]
In 2016 Ercros augmented its investment in the Sabiñánigo chlorine plant.[19]
In 2018 Ercros chose to outfit its plant in Huesca with Rittal-engineered automation products.[20][21]
In April 2021 Ercros expanded its sodium chloride plant in Sabiñánigo.[22] The plant also produces hydrogen peroxide and ammonia.[23]
Ercros was profitable in 2021.[24]
In 2021, the EIB financed Ercros for a euro 40 million "innovation, decarbonisation and modernisation strategy".[25]
In July 2021 Ercros invested euro 20 million into its Aranjuez pharmaceutical plant, in order to produce vancomicin and gentamicin.[26]
In 2022 Ercros carried a project in Madrid to create a pharmaceutical plant.[27]
In September 2023 the regulators in Tarragona were worried about the impact of the pre-existing Ercros plant on a hotel development nearby. It was possible that a cloud of toxic gas would be emitted and the hotel guests could suffer.[28] The Tarragona plant produces PVC plastics, a natural step for a firm which specializes in chlorine.[29]
Takeover bids
In December 2023 Ercros obtained from nine bankers a loan facility of euro 217 million. The syndicate was led by Banco Santander, BBVA and CaixaBank.[30] In July 2024 some of the shareholders of Ercros banded together to refuse competing takeover bids by Portuguese firm Bondalti, and Italian firm Esseco.[31][32] Some pundits were critical of Bondalti's ability to manufacture sodium hypochlorate and caustic soda.[33]
References
- 1 2 Tamames & Rueda 1998, p. 240.
- ↑ Escudero 2006, p. 144.
- ↑ Pascual Domenech 2008, p. 130.
- ↑ Fernández Pérez & Lluch 2016, p. 233.
- 1 2 Tomás & Alonso 1993, p. 72.
- ↑ Navarro 1990, p. 282.
- ↑ Arenas Posadas 2017, p. 131.
- ↑ Diego García 1996, p. 199.
- ↑ Salmon 1995, p. 179.
- ↑ Diego García 1996, p. 210.
- ↑ Aroca 1991, p. 18.
- ↑ Díaz Herrera & Durán 1994, p. 393.
- ↑ Almiron 2003, p. 59.
- ↑ Diego García 1996, p. 213.
- ↑ Arenas Posadas 2017, p. 132.
- ↑ Nogeda 1993.
- ↑ Márquez Domínguez 2005, p. 291.
- ↑ Grant 2006, p. 105.
- ↑ "Ercros ampliará las instalaciones de la fábrica de Sabiñánigo (Huesca)". 17 March 2016.
- ↑ "Ercros confía en Rittal para sus nuevas instalaciones de Sabiñánigo".
- ↑ "Ercros dota a sus nuevas instalaciones de Sabiñánigo de soluciones Rittal". 21 October 2019.
- ↑ "Ercros inicia las obras de ampliación de sus instalaciones de clorito sódico ubicadas en Sabiñánigo". 15 April 2021.
- ↑ "Visita a las Instalaciones de ERCROS | COIIAR".
- ↑ "La química Ercros incrementó sus ganancias un 128,4% hasta 46,3 millones". 28 July 2022.
- ↑ "Spain: EIB supports Ercros' innovation, decarbonisation and modernisation strategy with EUR 40 million".
- ↑ "Ercros invertirá 20 millones en sus instalaciones de Aranjuez". 7 July 2021.
- ↑ "RESOLUCIÓN DE 1 DE FEBRERO DE 2022, DE LA DIRECCIÓN GENERAL DE DESCARBONIZACIÓN Y TRANSICIÓN ENERGÉTICA DE LA COMUNIDAD DE MADRID".
- ↑ "Empresa y Economia avalan el Hard Rock si la química Ercros modifica las instalaciones". 13 September 2023.
- ↑ "Ercros invertirá más de 50 millones de euros en Tarragona y creará 18 nuevos puestos de trabajo".
- ↑ Es, Eleconomista (28 December 2023). "Ercros firma 217 millones de financiación para los próximos seis años".
- ↑ "26.86% of Ercros shareholders reject takeover bids by Portugal's Bondalti and Italy's Esseco | the Corner".
- ↑ "La portuguesa Bondalti lanza una opa sobre Ercros de 330 millones". 5 March 2024.
- ↑ "Competencia complica la opa de Bondalti en la catalana Ercros". 14 January 2025.
Bibliography
- Almiron, Núria (2003), Juicio al poder. El pulso de la justicia con el BSCH, Temas de Hoy
- Arenas Posadas, Carlos (2017), "«Riotinto, el declive de un mito minero (1954–2003)»", Revista de Historia Industrial, 69, Universidad de Barcelona: 109–142, ISSN 1132-7200
- Aroca, Santiago (1991), El gran engaño. La guerra del Golfo, la implicación española., Planeta
- Barciela, Fernando (2005), «La refundación de Ercros», El País
- Diego García, Emilio de (1996), Historia de la Industria en España. La química., Madrid: EOI/Editorial Actas
- Díaz Herrera, José; Durán, Isabel (1994), Los secretos del poder. Del legado franquista al ocaso del felipismo., Ediciones Temas de Hoy
- Escudero, María Eugenia (2006), 'Medium & small caps' en la bolsa española, Netbiblo
- Fernández Pérez, Paloma; Lluch, Andrea (2016), Evolution of Family Business. Continuity and Change in Latin America and Spain, Cheltenham: Edward Elgar Publishing
- Grant, Tina (2006), International Directory of Company Histories 80, St. James Press
- Márquez Domínguez, Juan Antonio (2005), Sistemas productivos locales en Palos de la Frontera, Universidad de Huelva
- Navarro, Miquel (1990), Política de reconversión: balance crítico, EUDEMA
- Nogeda, Miguel Ángel (1993), «Ercros vende su filial Unión Española de Explosivos al fondo europeo Pallas Invest», El País
- Pascual Domenech, Pere (2008), "«La industria del cobre en España II: de 1976 a 2005»", Revista de Historia Industrial, 38, Universidad de Barcelon: 115–159, ISSN 1132-7200
- Salmon, Keith G. (1995), The Modern Spanish Economy. Transformation and Integration Into Europe, Pinter Publishers
- Tamames, Ramón; Rueda, Mar (1998), Introducción a la economía española, Madrid: Alianza Editorial
- Tomás, Carmen; Alonso, Ignacio (1993), El provocador. Carlos Solchaga, de la reconversión industrial a la crisis economíca y social, Ediciones Temas de Hoy