Restructuring of Spanish porcelain giant

A few days ago, porcelanosa Corporaci ó n, a Spanish porcelain giant controlled by Soriano manzanet and the colonques family, completed a new round of restructuring, reducing the number of subsidiaries from 8 to 5.

Equity replacement and complexity between generations are one of the reasons for the reorganization of baoceran. On the one hand, Sorman group, which is behind Soriano manzanet family, holds the majority equity in all brands of baoceran group, including 55.54% of porcelanosa brand, 50% of l'anti colonial or 49% of venis (acquired in 2021). In turn, the rest is owned by the two brothers of colonques.

It is worth noting that since Soriano manzanet is the major shareholder of porcelanosa Sa Sa, the company belongs to the subsidiary of Sorman SA in the accounting statements and is also considered as the legacy of Soriano family.

In order to solve this business and financial complexity, in 2019, porcelanosa Corporaci ó N was established to consolidate the financial statements of all other brand companies.

Last year, the board of directors of baocilan was reshuffled and the second porcelain tile brand venis was acquired. In 2022, baoceran continued to restructure. In July, Manuel colonques, one of the brothers of colonques, decided to sell most of his shares, i.e. 10%, to the partners. Meanwhile, his son also left the management of venis. In addition, the brands and businesses of unisystems and urbatek were merged into porcelanosa Sa Sa.

Since then, the number of eight subsidiaries of porcelanosa Corporaci ó n has been reduced to five: gamadecor, krion, butech, noken and l'anti colonial.

·Porcelanosa: founded in 1973, specializing in the production of porcelain floor tiles and wall tiles.

·Venis: founded in 1986, the second brand produces porcelain floor tiles and wall tiles.

·Gamadecor: founded in 1987, it produces kitchen and bathroom furniture, accessories and cabinets.

·Krion: founded in 1993 (formerly systempool), it produces worktops and exterior wall surfaces.

·L'anti colonial: founded in 1999, it focuses on natural products such as stone, marble, mosaic and wood.

·Butech: established in 2001, it is a building chemical material such as adhesives.

·Noken: founded in 2001, specializing in the production of toilets, bathtubs, and bathroom furniture and accessories.

·Urbatek: founded in 2004, specializing in architecture and project design, and providing porcelains suitable for internal and external applications.