Tecnisa structures itself to grow
Valor Econômico
He still keeps, in a yellowish paper, the actuarial calculations made by hand to calculate the return of his first real estate projects. Despite looking young, Meyer Nigri, President of Tecnisa, is among the entrepreneurs who know the market the most. But he can still be surprised by the sector. "I have never imagined receiving a resume of a construction worker and foreman through the Internet", says Nigri, officially back to the command of the company he founded 32 years ago.
The entrepreneur is preparing the company for a new stage. After launching R$ 1.5 billion (US$ 872.1 million) in 2008 and getting closer to the big companies, Tecnisa slowed down more than most rivals and placed nearly R$ 500 million (US$ 290.7 million) in the market in new buildings last year. "We know we are still in the little league, but we are working hard to be together with the large companies ahead", said Meyer to Valor in his first interview after reassuming the Presidency.
For 2010, Tecnisa intends to make an important leap and launch R$ 2 billion (US$ 1.16 billion). Nonetheless, it is far from the first group - Cyrela PDG Realty, MRV Gafisa and Rossi work with numbers between R$ 3 billion (US$ 1.74 billion) and R$ 5 billion (US$ 2.9 billion) this year. In order to increase the cash, Tecnisa went to the debt market - it raised R$$ 300 million (US$ 174.4 million) in debentures, besides getting R$ 60 million (US$ 34.9 million) for working capital with Caixa Econômica Federal (Brazilian Federal Savings Bank). "It will be enough money to launch R$ 2 billion (US$ 1.16 billion) this year and R$ 2.5 billion (US$ 1.45 billion) in 2011", says Nigri.
The company was one of the last ones to adhere to the seductive appeal of the low income segment, but it will neither create a specific brand for the economic segment - as did Cyrela or Rossi - nor will be as aggressive in such segment as its rivals. The purpose of Tecnisa is to make more economic launchings - 50% of the launchings of 2010 should be below R$ 250 thousand (US$ 145.3 thousand) - but it will not build popular buildings that cost less than R$ 100 thousand (US$ 58.1 thousand). "The market now thinks there is only room for the low-income", says Nigri. "Our strategy is to dilute the risk and be in all markets".
Because of its history before going public it is still seen by the market as a company of operation in the middle and high income classes and greatly concentrated in São Paulo. Tecnisa - and Meyer, personally - denies the affirmation and works to disseminate its strategy of geographic expansion. Besides São Paulo, it is in cities such as Brasília, Curitiba and Fortaleza.