Duratex takes aggressive expansion under management of Penchas
Valor Econômico
Under the command of engineer Henri Penchas, who has in his curriculum more than four decades of expertise in the Itaúsa group, Duratex, largest manufacturer of sanitary metals and fixtures and metal and wood panels in South America, became an aggressive investor. In just two years, it joined Satipel to give rise to the eighth largest supplier of wood panels in the world, announced investments of R$ 220 million (US$ 137.5 million) to increase the productive capacity of fixtures and metals, it acquired Elizabeth Sanitárias and now it launches a new R$ 1.2 billion (US $ 750 million) plan to move forward in the group of the largest global companies of wood panels. There are currently 36 investment projects underway.
As regards the corporate governance, Duratex migrated to the New Market of the BM&FBovespa, with 100% of common shares in its capital, increased the access of analysts to their information and they have pleased the community of investors: from June 22, 2009, date of the press release informing the partnership with Satipel, until yesterday, the shares of the company had a price increase of 123.7%, compared to a gain of 32.2% of the Ibovespa in the same period. "It is strong the intention to grow, but always generating value for the shareholders", says Penchas, referring to the mantra he frequently sings to his employees.
The partnership entered into with the rival gave rise to a "new" company, with an additional portfolio and net earnings of more than R$ 2.2 billion (US$ 1.13 billion) in 2009 - last year, it got to R$ 2.74 billion (US$ 1.56 billion) - and it was based on an exchange of shares. At the end of the process, which went through the absorption of Duratex by Satipel, Itaúsa, controller of the first company, stayed with 39.9% of interest in the "new" company and the Ligna group, with 17.8%. The rest is sprayed through the hands of other shareholders.
In a new great bet, Duratex announced yesterday it will invest R$ 1.2 billion (US$ 750 million) in two new plants of MDF panels, of higher added value, in the next five years. Half of the funds will come from the cash of the company and the other half will be financed with the relevant participation of the National Development Bank (BNDES). The first unit will be built in Itapetininga (SP), beside the plant that produces MDP, another type of wood panel, located in the municipality and that shall be opened at the end of 2012. For the second unit foreseen in the plan, there is still no location defined.
Once the plan is executed, Duratex will step up one position in the world ranking and will be the seventh among the largest makers of wood panels. In 2015, the nominal productive capacity of the company in the area will be at 5.31 million cubic meters a year, compared to the 3.91 million this year. In Deca, brand of sanitary metals and fixtures, the increase will be of 23 million pieces a year in 2010 to 29.9 million, in 2012. New acquisitions or expansion projects are on the radar.