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Corporación Mondragón manages to end 2009 in the black, despite the deep economic crisis

The main Basque industrial group, Corporación Mondragón, managed to end 2009, one of the worst in the last fifty years in terms of the economy, in the black.  The cooperative group made 61 million euros, 14.2% down on the previous year, during a “particularly difficult" year.

Despite the significant emphasis on reorganisation and flexibility, - with shorter working days, salary cuts, transfers between cooperatives, cost savings, etc.-, the group ended the year with the workforce cut by around 8.2%, according to corporation sources.

The diversification of Mondragón into three large areas (Industry, Finances and Distribution) where it is present on different markets and in different sectors has allowed the corporation to weather the impact of the economic crisis, according to MCC managers. This, along with the aforementioned measures, has enabled the corporation to post a profit for the year.

In 2009, the total Mondragón revenue came to 14,780 million euros, down nearly 12% on the previous year. The performance of the EBITDA was less negative, as it stood at 1,586 million euros, down 8%.

Given the ongoing uncertainty on many markets, including the Spanish domestic one, Mondragón managers opted for prudence and tripled the amounts allocated to provisions.

In terms of employment, the workforce of the Corporación Cooperativa de Mondragón, the former MCC, totalled 85,066 people, 8.3% down on the previous year, which changed its traditional trend of generating jobs.  

The chairman, José María Aldekoa, pointed out that the measures adopted in 2009 “guarantee that we remain competitive and are in a good position to face the future”.


Summary of the news item published by Deia, 29 May 2010

Fecha de la última modificación: 09/06/2010