Wednesday, June 7, 2023

Cosentino will invest 250 million in its first factory in the US. companies

Cosentino has doubled down on its commitment to its core market, the US, and announced an investment of 250 million euros to build the first plant in that country. Almería’s multinational company specializing in the manufacture of surfaces for the kitchen and home (the most famous is Silestone) has signed an agreement with the city council of Jacksonville (Florida) to purchase the land where the first plant in the United States will be built . This is a relevant decision because This is the first time that it will build outside Almeria., where it has eight plants to produce its three major brands (Silestone, Dekton and Sensa). It also has a factory in Brazil, but there it only works with granite surfaces.

Construction work will start in 2025 and will last for three years, “It is a strategic bet that will help us meet demand in the region more effectively in the medium and long term,” he added. Eduardo Cosentino, Global Vice President of Sales at Cosentino and CEO of Cosentino North America, The results for 2022, with a turnover of €1,722 million and a net profit of €117 million, show that the US and Canada already represent 59% of the Group’s sales. According to the company, this strong demand led to the development of the company’s own infrastructure in the US, which is currently 60, divided into 45 warehouses, 10 Showroom and five centers distribution and employment, as it has 1,400 employees, “This high capillarity means that, in the US only, Cosentino can provide logistics coverage and deliver its products to all states in the union, even reaching Hawaii, Puerto Rico or Alaska “.

The factory location, pending exact location, will be located on an area of ​​more than 130 hectares, thirty kilometers east of the Port of Jacksonville and minutes from Interstate 10. “Proximity to ports and railways, associated infrastructure, and opportunities and incentives for expansion at the state and regional level make this the ideal location for this new factory. Eduardo Cosentino, for his part, Lenny Curry, Alcalde de Jacksonville stressed that Cosentino’s vision is focused on “environmental stewardship and a sustainable and clean facility that will greatly benefit our community.”

Cosentino opened its latest factory 45 days ago, located in Cantoria (Almeria) with an area of 40,000 square meters, Which has a third Dekton production line and has received an investment of 120 million Euros. The company’s strategic plan for the three-year period between 2023 and 2025 is expected to involve spending close to 400 million euros.

IPO in the air

This investor uproar coincides with the company’s IPO, which was announced on air last year. The possibility of listing the company on the financial markets with an estimated initial value of 3,000 million euros was initially designed for the first quarter of 2023, although the company says that the board of directors has not made a decision yet. “All possibilities are on the table. It is not true that the IPO has been postponed to next year.

Nation World News Desk
Nation World News Desk
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