The Pujol family recovers the majority in Ficosa

BarcelonaXavier Pujol, CEO of the Catalan manufacturer of automotive components Ficosa, has achieved a majority stake in the group's shareholding after repurchasing the block of shares previously held by the Japanese multinational Panasonic. The operation, closed on March 27, once again places the majority of the capital in the hands of a member of the group's founding family, as Ficosa itself reported this Wednesday in a statement.

Panasonic entered Ficosa's capital in 2015, when it acquired 49% of the shares, a stake that it increased to 69% in 2017. Now, however, the Japanese group is divesting its shareholding, which will pass to Pujol through his investment company M&J Inv. The Catalan group announced the shareholding change just two days after formalizing the dismissal of 172 of the approximately 800 employees at its plant in Viladecavalls (Vallès Occidental), 21% of the factory's workforce.

"After years of very positive collaboration with Panasonic, we are embarking on a new phase that will allow us to be better positioned for the challenges of the future," says Pujol himself in the statement, thanking the Japanese company for "the trust it has placed in Ficosa's management" over the last decade. Panasonic has worked particularly intensely on the "technological evolution" of the Vallès-based company, with projects such as advanced driver-assistance systems, connectivity, and the electric vehicle, according to the note issued this Wednesday.

Corporate changes

an agreement with the Madrid-based multinational IndraSpecifically, Ficosa will continue to work together with Idneo, the company controlled by Josep Maria Pujol, founder and current president of Ficosa and father of the CEO. The companies of the two executives – Ficosa, Idneo and a new company that will depend on Xavier Pujol's investment vehicle – will operate in "differentiated business sectors".

Precisely, the new company will focus on the defense and aerospace sector. In this regard, last fall Ficosa already closed an agreement with the Madrid multinational Indra to develop vision systems for the Spanish VCR 8x8 Dragon and VAC armored vehicles.

Founded 75 years ago, Ficosa operates in 15 countries and has a workforce of around 8,000 employees. Last year, it closed the fiscal year with a historic record turnover of 1,397 million euros.