Phibo reorganizes its operations
Since last August, after completing the refinancing of bank debt, the Phibo Group has carried out a process of redefining its strategic plan with 5 key axes:
– Giving Phibo financial muscle through the entry of capital.
– Promote innovation as a key element of the future.
– Increase in sales in businesses and defined areas.
– Debt reduction.
– Optimization in management.
In all cases, specific action plans have been established to achieve objectives that reinforce and consolidate the Group, and allow us to strengthen the position of technological leadership that we have always had.
Within these actions, we want to inform you that we have decided to carry out the divestment process in Compartis, the German production unit of a multinational acquired in 2015 within a non-organic growth plan through acquisitions. Numerous human, economic and technological resources have been allocated to this productive plant. However, due to numerous and diverse reasons, the expected results have not been achieved. In our strategic plan, we bet to locate our resources in those assets that generate return and benefit. We cannot bet on those who consume resources, endanger the sustainability of the Company and do not fit into our strategic, technological and business commitment that, at this moment, will focus on our production plants in Spain and Colombia.
In no case, this measure should be understood as a situation to which we have been led, but as an action within a plan designed to strengthen the Phibo Group and allow it to face the development in innovation and investments that will strengthen, as a priority objective, our plants in Spain and Colombia.
We remain at your entire disposal to resolve any additional question.