Pamesa Group continues its expansion and acquisition programme
The Spanish group posted 15% revenue growth, an EBITDA of 104 million euros and investments of 90 million euros in 2019. It has also announced the acquisition of a 50% stake in Argenta Cerámica and Cifre Cerámica.
Spanish group Pamesa, Europe’s largest ceramic tile producer, is continuing its growth with a further double-digit increase in revenues and margins in 2019. Consolidated turnover rose to 704 million euros (+15% compared to the 646 million euros of 2018), driven by sales volumes of more than 80 million square metres. EBITDA also grew by 16% to 104 million euros.
The group also invested no less than 90 million euros in 2019, bringing the total investments it has made since 2014 to 343 million euros. Last year’s investments focused in particular on plant modernisation with the aim of increasing production and logistics capacity and improving energy efficiency. In June 2019, the group also acquired Keramex (Vila-real) and undertook a major restructuring project aimed at significantly increasing the production capacity of the plant.
The group has also purchased 150,000 square metres of land in Castellón for the storage and treatment of imported raw materials.
During the year, the group continued work on the various self-consumption photovoltaic systems installed on the roofs of the group’s buildings. When completed in 2020, the systems will attain a total expected power of 16 MW, enabling Pamesa to reduce its atmospheric emissions by more than 10,000 tons of CO2.
Further achievements in terms of environmental sustainability include meeting the “zero solid waste” target and recycling 4 million litres of wastewater per day from ceramic companies in the district.
Due to its strong business performance, Pamesa has also expanded its workforce (now 2119 people) by taking on 212 new employees.
In 2020, the group led by Fernando Roig expects to see a further increase in revenues and margins, allowing it to continue its investment programme.
One of the most important of these new investments is the agreement announced on 10 February with Argenta Cerámica and Cifre Cerámica for the acquisition of a 50% stake in both companies. The two businesses, among the best known brands in the Spanish ceramic industry, posted an aggregate turnover of 280 million euros in 2019, up by more than 10% on 2018.
Under the terms of the agreements, both companies will continue to be managed by the current majority shareholders – José Cifre (Argenta Cerámica) and Enrique Cifre (Cifre Cerámica) – who will maintain their 50% stake, while Pamesa will not acquire shareholdings in other companies controlled by the two entrepreneurs.
The operation, which is expected to be finalised within a few months, will generate synergies, economies of scale and competitive advantages that are expected to bring improved productivity and results for all three companies. Above all, having a partner like Pamesa will enable Argenta and Cifre to launch new industrial projects aimed at significantly expanding their business in coming years.
The tile producer companies belonging to Pamesa Group are Pamesa Cerámica, Tau Cerámica, Navarti, Geotiles and Keramex. The group also owns Arcillas Atomizadas and Onda Cogeneración, which produce and sell spray-dried bodies and energy.