The Madrid-based company has a feasibility plan to launch the aluminum processing plant in a few months
Alueuropa, a subsidiary of the Chamartín Group, has paid 6 million euros for the production facility of Extruperfil, a company based in Dos Hermanas that specializes in aluminum extrusion—the process of shaping aluminum through hot forming. Extruperfil filed for bankruptcy protection in 2015, when it had accumulated 28 million euros in debtand employed 86 workers.
The sale of the production unit is part of the company’s liquidation process and was carried out after receiving approval from Seville Commercial Court No. 2 andthe bankruptcy trustees, attorneys Jesús Borjabad and Ignacio de la Vega of the firm Ernst & Young. Alueuropa’s viability plan calls for the Seville aluminum processing plant to begin operations within two to three months, for which it will hire workers as needed.
National Leaders
The new owners of Extruperfil’s production facility are Alueuropa, a company based in Ciempozuelos (Madrid), which processes more than 35,000 metric tons of this metal each year, making it one of the national leaders in the aluminum sector. The company is a subsidiary of the Chamartín Group, which has annual revenue of approximately 150 million euros and is controlled by the Colino family. The Madrid-based firm has also grown through acquisitions, such as the one it made in 2016 when it purchased Siproal, based in La Rioja.
For its part, Extruperfil, founded in 1985, is engaged in profile extrusion, metal surface treatment, and the saleof ferrous and non-ferrous metals, as well as PVC extrusions. Miguel Gutiérrez Rubio holds a 98% stake in the company, and until it filed for bankruptcy, he held stakes in numerous aluminum suppliers in Huelva, the Canary Islands, Valencia, Toledo, and Navarre.
The bursting of the housing bubble
The factory, which at one point employed 250 workers, is located in Dos Hermanas on a 50,000-square-meter lot. Before the real estate bubble burst, it had annual revenue of 100 million euros; during the crisis, its revenue fell to 27.5 million euros in 2012 and 13 million euros in 2013. When it filed for bankruptcy, it had assets worth 20.7 million euros—mostly land and buildings—while its debts totaled 28.4 million euros.
The declaration of bankruptcy by Seville Commercial Court No. 2 came after a turbulent period for the company, which ultimately withdrew a layoff plan affecting 41 of its 86 employees. In 2016, Extruperfil’s works council and the bankruptcy trustees signed anagreement to reduce the number of employees affected by the mass layoff plan from 30 to 20 andbring an end to a 195-day strike.
