Careers
The Mecalux Group has approved an increase of capital which will bring in Caja Madrid with a 20% holding in the share capital of the company. This increase will take place with exclusion of the pre-emption right and Caja Madrid will subscribe all the new shares issued. A total of 6,721,550 shares will be issued, bringing the total shares in the capital of the company to 33,607,750.
The shares will be issued at €25 each. In consequence, the total sum to be paid up by Caja Madrid amounts to €168,038,750. After this increase of capital, the financial entity will appoint two members to the Board of Directors.
The strong financial injection resulting from this transaction, 168 M euro, will enable Mecalux to continue its strong investment and growth process with maximum guarantees. In recent years Mecalux has shown a clearly international vocation focused on leadership, with strong growth through strategic acquisitions of new companies and a commitment to new storage technology and services. With this transaction the company reinforces its sound financial position, following its traditional policy of growth undertaken with maximum security and maximum value to the shareholder.
The transaction also underpins Caja Madrid’s investment strategy, investing in a company historically the leader in its sector, with a proven track record and which has developed its traditional way of business into one based fully on technology and maintenance, with the medium-term objective of becoming world leader in storage logistics, a sector currently undergoing important and necessary growth. The deal is Caja Madrid’s acknowledgement of Mecalux’s sound development and firm business project, the stability, prestige and strength of its dominant shareholding group and management team, as well as its decided expansion onto markets of greater growth from a solid base of available capital. All this is achieved while maintaining one of Mecalux’s hallmark characteristics, i.e., continuous investment in R&D.
Purchase of a leading company in the USA and entry into Asia
Mecalux is planning to exercise its purchase option of UFC Interlake, one of the top companies in the logistics and storage sector in the USA. It is calculated that the cost of the transaction will be around 120 M dollars and will give Mecalux a strategic position on the American market. The UFC Interlake Group has 5 factories, a workforce of 1,500 employees in the United States and Mexico and billed 312 M dollars in the year ending June 2007. Mecalux also plans to extend its international presence by moving onto the Asian market through China.
Caja Madrid, Spain’s fourth-biggest finance group
CAJA MADRID is Spain’s fourth-biggest finance group, with a managed business volume of 257,068 million euro at the end of 2007 and a notable position on the lending and customer-resources markets. The CAJA MADRID Group offers a complete range of products and services in retail banking, business banking and private banking, with which it looks after the needs of 7 million customers from all segments: families, small and medium companies, large corporations and public and private institutions. The workforce numbers more than 14,000 and there is an extensive distribution network of 2,000 branches in Spain.