The Ingeteam group will open its new factory in Ortuella after the summer, located in the old facilities of General Electric, a factory where 65 people are already employed, according to what the Basque group officials have announced.
Ingeteam held its shareholder’s meeting last week and this Wednesday its CEO, Adolfo Rebollo, explained to the press the situation of this Biscayan electrical engineering company.
The group is present in Bizkaia (Zamudio), Gipuzkoa (Beasain), where its Indar, Navarra (Sarriguren and Sesma) and Albacete generators brand are located, and also has subsidiaries in 22 countries, with a prominent presence in the United States, Brazil, and India. It employs 3,900 people worldwide.
Last year, it earned 14.5 million euros net, compared to 10 in the previous year – 45% more – and increased its turnover to 637 million euros, 17% more than the previous year.
It has been the culmination of a 2016-2018 strategic plan with a 47% growth in turnover, a figure “that we did not even suspect,” Rebollo confessed.
Therefore, its new strategic plan 2019-2021 is more moderate at the beginning and expects to increase turnover by 15%, to 730 million, and another 15% at least net profit, in the whole of the three years.
82% of Ingeteam’s business is abroad, and renewables – factory converters for wind turbines and solar energy inverters – account for 70% of its turnover.
In the coming years, it is proposed to continue with this commitment abroad, expanding markets through alliances where they are not – as in Japan – and also proposes business purchases, after a few years in which it has not made acquisitions: “We want to move on to attack, “said Rebollo.
In the short term, Ingeteam will open a new plant in Ortuella (Bizkaia) after the summer for the manufacture of frequency converters.
This plant has an area of 6,500 square meters and will triple the current manufacturing capacity of power electronics equipment. He has employed a dozen of the former General Electric workers who worked where the new Ingeteam factory now goes.
In addition, this year has launched in India a new installation for the production of converters for wind turbines and control and power equipment, which has just begun and is already expanding the surface to meet the expected demand.
Where he does not expect changes in the shareholder: Ingeteam is owned in 80% of the four families that founded the company, with another 16% of Kutxabank, a bank that has lowered its share while raising that of the founding families. Nor do they intend to go public at least in the next three years.
On the Naval , shipyard currently in liquidation of which Ingeteam was one of the two majority partners, with 38% of the capital, have explained that last year had no impact on the group’s accounts, but in 2019 it could have an impact on the figures of Ingeteam of almost five million euros, a smaller amount “that does not endanger the project” of Ingeteam, said the CEO.