The Calvo family, owner of 77.8% of the Calvo Group’s shares, has decided to keep their majority share in the canning company and decided not to sell their participation. Therefore, this family saga’s third generation will take control of the company’s expansion plan.
Sources of the company confirmed that Calvo’s Board of Directors unanimously decided to reject any possible acquisition offers and allow the family’s third generation to continue with Calvo’s market expansion project which was planned in 2003.
These sources also explained that the Calvo family always shuffled two alternatives: one was to study any potential incoming investment offer and the other one was to allow new members of the family to take control of the canning company, which is rated number one in
Calvo has indicated to news sources that the group was never actually placed “for saleâ€. Proof of this is that Calvo’s considerations and plan about selling the company never left Nmas1 offices, the investment company Calvo which could have been assigned to sell the canning group.
At this new stage, Calvo expects to continue with its development project which was designed in 2003, and its new markets’ expansion plan, mainly aimed at Europe, Latin America and
Through an official communication the company said: “With this new project, Calvo intends to further increase its competitiveness in the global markets, as well as promote the company’s growth, by consolidating its leadership in
In order to guarantee the generation relay within Calvo Group management, the Board of Director has decided to, not only maintain the current personnel, but appoint four new family members in the board : Calvo Lema, Luis RÃos Calvo, José MartÃnez Calvo and Manuel Calvo GarcÃa Benavides. This last person, who is the son of Calvo’s Vice-president, will be appointed Calvo’s Managing director.
Manuel Calvo Garcia Benavides is 38 years-old; until now he was Director of Operations in
The brothers Calvo Pumpido control 77.8% of the canning group’s shares, whereas the rest of shares are distributed among banking entities. Caixanova (11%), Caja Burgos (5.5%) and Caja Castilla-La Mancha (5.5%)
Calvo reached a turnover of Eur 350 million in 2005, compared to the Eur 257 million in 2004. Its gross result of exploitation (EBITDA) almost reached Euro 25 million in 2005.
The Calvo Group was born in 1940 in the Spanish town Carballo, in Coruña. The company now has six manufacturing plants, 2 in Carballo and Esterio and also in