ULMA CyE members approve cooperative spin-off by a broad majority
On 8 November, ULMA CyE S. Coop. members approved the cooperative spin-off by a broad majority in the extraordinary general meeting held in the Zubikoa Sports Centre in OÃ±ati.
The agreement shall be effective from 1 January 2012 and from this date, the ULMA Group shall be made up of ULMA AgrÃcola S.Coop, ULMA Carretillas Elevadoras S.Coop, ULMA CyE S.Coop, ULMA Conveyor Components S.Coop, ULMA Forja S.Coop, ULMA HormigÃ³n PolÃmero S.Coop, ULMA ManutenciÃ³n S.Coop, ULMA Packaging S.Coop and ULMA Servicios de ManutenciÃ³n S.Coop.
The main reason this radical spin-off has been proposed is that the activities undertaken up until this time by each of the sections within the ULMA CyE (ULMA Packaging and ULMA ConstrucciÃ³n) correspond to very different and independent businesses, management models and risk levels.
The agreement involves the incorporation of a new cooperative named ULMA Packaging S.Coop, which shall integrate the current packaging business, with the construction business maintaining the legal name ULMA CyE, S.Coop. The aim therefore is to achieve more effective management in each of the businesses while maintaining the identify, aims and obligations of the ULMA Group.