During his appearance at the court hearing on the approval of the restructuring plan, held at Commercial Court No. 3 in Gijón, Duro Felguera’s chief executive, Eduardo Espinosa, stated that the roadmap designed to ensure the company’s viability is already becoming a reality, following the implementation of some of the key measures set out in the strategic document. “I am convinced that the plan definitively addresses the company’s long-standing challenges,” stated the chief executive, who added that Duro Felguera is simply awaiting the ruling before relaunching its commercial strategy.
On Friday 6th September, Duro Felguera held an Extraordinary General Meeting in which the appointment of the members of the Board of Directors for the next four years was formalised. During the meeting, the company’s Chairman, Jaime Isita Portilla, underlined the strategic importance of these appointments: ‘We have completed the creation of a dynamic and agile Board, prepared to respond to the current and future demands of the market with flexibility and vision’.
The election, yesterday, of a new Board of Directors of Duro Felguera represents the beginning of a new stage, once the company has been consolidated, energized and strengthened.
The Board, together with the Chief Executive Officer, Jaime Argüelles, is already working on the promising future of the company to take advantage of the great business and growth opportunities that are presented in the sectors in which the company operates, mainly those related to industrial decarbonization and energy transition.
On May 13, 2024, Mr. Jaime Isita Portilla, who has also been appointed Chairman, Mr. Eduardo Espinosa Bustamante, appointed Vice-Chairman, and Ms. Mónica Rodrigues Sequeira, all three with the condition of proprietary directors, and Mr. Gerardo Tietzsch Rodríguez Peña, as independent director, accepted the position and joined the Board by cooptation. Likewise, Mr. Manuel Angel Romero Rey has been appointed as non-director Vice-Secretary of the Board of Directors.
On 26 February, two relevant information for Duro Felguera were communicated through the CNMV. The first, the notification of the takeover and the syndication agreement signed by Prodi and Mota-Engil Mexico to jointly define the management of the company, of which they own 54.66% of the capital.
In the second, the company has reported on the registration in the Commercial Registry of Asturias of the two public deeds of execution of the Capital Increase with Rights and the Increase by Capitalisation of Debt granted on 22 February 2024, in accordance with article 508.2 of the Capital Companies Act.
22nd February 2024. Today Duro Felguera is 166 years old.
We have been in the market for 166 years. 166 years proving that we can overcome any challenge; 166 years of passion for things well done, committed to innovation and quality; 166 years turning great ideas into reality, pioneering the future. And now we are transforming ourselves to be a renewed and sustainable company that powers a sustainable world. Thank you to all those who today, or at some other time in our history, are part of the exciting journey of #DuroFelguera.
The reference investors, Grupo Prodi and Mota-Engil Mexico, have proceeded to pay 60 million euros, which, together with the 30 million euros paid in October, complete the total amount of the loans granted to the Company, 90 million euros.
Duro Felguera has recently joined the UN Global Compact, the world’s largest corporate sustainability initiative. It is currently made up of more than 21,000 entities in more than 160 countries.
The key investors, Prodi Group and Mota-Engil Mexico, have today disbursed 30 million euros, one third of the total amount of the loans granted to the Company, signed on 28 February 2023.
Duro Felguera has published its results for the first half of 2023, a period with a very positive evolution of the main figures, which reflects the new stage of growth that the company is going through.
Duro Felguera continues to move forward. Yesterday, the company held its Ordinary General Meeting, in which the shareholders approved the management of the Board of Directors, the annual accounts, the Management Report and the remuneration policy of the Board for the next three years.