Apr 25, 2019

Phase one of the Orona EU project approved at general meeting

Phase one of the Orona EU project approved at general meeting

Hernani, 12 April 2019. Orona, the Basque company specialised in mobility solutions headquartered in Hernani, held its Annual Partners' Assembly today at the Orona Ideo head offices.

In addition to ratifying the 2018 financial statements, the cooperative's partners approved phase one of the three comprising the Orona EU project, whose aim is to consolidate the company as the only European lift operator capable of competing with the world's four major lift multinationals, while leveraging the values of its cooperative experience at the European level. 

Three phases

During the first phase, which runs from 2019 to 2022, Orona's objective is to boost its revenue to over €900 million and its headcount to above 6,000, framed by its aspiration of rolling out the values of its cooperative experience at the European level.

The cooperative has acquired a considerable number of companies since 2006, so expanding and consolidating its presence in Europe.

The idea underpinning the Orona EU project is to tackle the challenges faced by the sector in the overall European region, particularly those related with digital transformation and innovation.

Phase two will be executed between 2022 and 2026. The project will culminate following a third phase of consolidation scheduled for completion in 2030. By 2030, the firm expects to be present in more than 14 countries with 8,000 employees and annual revenue of close to €1.2 billion, creating around 350 jobs in its corporate headquarters in the process.

Xabier Mutuberria, Orona's managing director, said: "This is not just another general meeting. Orona has laid the foundations for becoming the only European operator capable of competing with the major global multinationals".

Orona’s chief executive went on to add that, "we have the largest capacity for manufacturing complete lifts in Europe, which will enable us to reinforce our export strategy to lock in the industrial orders we need to create economies of scale for this new challenge. Our Orona EU project is vital to consolidating our place among the main European lift companies. It prioritises our technological independence, our transformation for a digital world and job creation". 

Growth of 5.10%

In 2018, the company reported €741 million of revenue, growth of 5.10% from 2017. International sales accounted for 57% of total revenue at €422 million, year-on-year growth of 3.13%.

Orona recognised €126 million of EBITDA, up 1.37% from 2017, and earmarked 1.4% of revenue to capital expenditure. The company's headcount registered growth of 3.91% to 5,177 and the number of lifts dispatched increased by 1,828 to 15,826.

Today's was the first general meeting since approval of the Orona EU project and the merger between Orona S. Coop. and Electra Vitoria S. Coop., a transaction which marked the culmination of the joint endeavour initiated in 2005 with the creation of Corporación Mondragón's Lift Division.

With over 50 years' experience, Orona is present throughout the entire value chain and offers end-to-end service which includes the design, manufacture, maintenance and modernisation of mobility solutions. In parallel, it offers a cohesive cooperative experience that is constantly undergoing transformation; it is committed to tackling today's social, energy and environmental challenges; and it innovates so that sustainable buildings in eco-cities become a reality.

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