Vanessa Feo Kutsch / email@example.com / +34 616 436 498
Cosentino Group, a Spanish company that is a world leader in the production and distribution of innovative surfaces for the world of architecture and design, has acquired for – $11 million (10.3 million Euros) – the distribution assets of the firm Maple Terrazzo Inc. that until now has been Cosentino’s distribution partner in Canada.
With this move, Cosentino Group strengthens its commitment to this market, where, in just two years since setting up on its own, it already has four Centers and a showroom or Cosentino City. By acquiring the above-mentioned assets, the total investment of the company so far in Canada comes to $21.1 million (almost €20 million).
We should not forget that Canada was one of the first countries outside Spain where Silestone® – the world’s leading brand in quartz surfaces – was introduced and which, this year, celebrates its 25th anniversary, following its creation in 1990. Cosentino has been operating commercially in this North American country for over ten years via distributors and local partners.
Cosentino’s project to set up on its own started in 2014 with a first Center in Calgary, followed this year by the opening of two further Centers located in Vancouver and Montreal. Cosentino Centers are innovative, comprehensive distribution and service platforms. The Centers combine the functions of warehouse, brand and product showroom, and sales network. This multinational currently has over 100 facilities of this kind worldwide.
With regard to the assets acquired from Maple Terrazzo Inc. they involve the inclusion of a Center and a showroom or City, both located in Toronto, the economic capital of Canada. This demonstrates Cosentino’s commitment to continue its international expansion as part of the group’s strategy of geographical diversification of its distribution network.
This company from Almería aims to increase, in the short to medium term, its commitment in Canada with new investments and inaugurations. In fact, by 2016 a second City is scheduled to open in Montreal. Cosentino’s aim is to double current sales in this market by 2018. Furthermore, Cosentino, which currently has 40 employees in this country, estimates that by the end of 2018 it will have 85 employees.
This news was announced following a meeting held this morning at the Canadian Embassy in Madrid between Mr. Jon Allen, Canada’s Ambassador to Spain, and Mr. Eduardo Martínez-Cosentino Alfonso, the Group’s Sales Director and CEO of Cosentino North America. During the meeting, the company personally informed the Ambassador of Cosentino’s expansion plans for this market, and together they discussed Canada’s current economic and political situation, as well as the state of trade relations between the two countries.
In the words of Eduardo Martínez-Cosentino, “Canada plays a key role in our company’s expansion strategy in North America. Thanks to our facilities in Calgary, Montreal and Vancouver, and now in Toronto, we are in a position to fully meet the needs of our customers. And all this with Cosentino’s quality of service as well as offering a wider range of products, new design tools and experts in each respective local area”.
For Jon Allen, Canadian Ambassador in Spain: “Cosentino is part of the growing number of Spanish companies which trust Canada as destiny for investing in North America. Canada is open to the world and offers important incentives for foreign companies interested in developing their business in our country.”
Canada is one of the wealthiest nations in the world, with a high per capita income and is a member of the OECD and the G8 among other international institutions. After its economy contracted following the global recession, the growth of Canada’s GDP reached 2% in 2013 and 2.3% in 2014. Defined by various international ranking systems as one of the countries with the best conditions for business and investment, it is worth mentioning that in 2014 the exchange of bilateral trade between Canada and Spain reached €2,295 million, representing an increase of 26 % over the previous year.
For Francisco Martínez-Cosentino, the Group’s President, “Canada is a high-value investment destination with a market of great potential for growth for our sector. For us, progressive expansion and increased growth in this country is a natural extension after becoming a leader the USA”.