The Pujol family recovers the majority in Ficosa

BarcelonaXavier Pujol, CEO of the Catalan automotive components manufacturer Ficosa, has achieved a majority in the group's shareholding after repurchasing the stake 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 in a statement this Wednesday.

Panasonic entered Ficosa's capital in 2015, when it acquired 49% of the shares, a stake 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 Viladecavalls (Vallès Occidental) plant, 21% of the factory's workforce.

“After years of very positive collaboration with Panasonic, we are entering a new phase that will allow us to be better positioned for the challenges of the future,” indicates Pujol himself in the statement, who thanks the Japanese company for “the trust it has placed in Ficosa’s management” over the past decade. Panasonic has worked particularly intensively on the “technological evolution” of the Vallès company, with projects such as advanced driver-assistance systems, connectivity, and electric vehicles, according to the note issued this Wednesday.

Corporate changes

an agreement with the Madrid-based multinational IndraSpecifically, Ficosa will continue working with Idneo, the company controlled by Josep Maria Pujol, founder and current chairman 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 act in "differentiated sectors of activity".

Precisely the new company will focus on the defense and aerospace sector. In this regard, last autumn Ficosa already closed an agreement with the Madrid-based 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 in turnover, 1,397 million euros.