AbellÃ³ Linde Centenary Book

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SPAIN’S ENTRY INTO THE COMMON MARKET AND THE GLOBALIZATION OF THE ECONOMY The Spanish economy would from hereon remain closely linked to the TEuropean economy, especially after 1986, when Spain entered the Common Market, the future European Union. The globalization of the economy – the world as a market – was becoming more and more evident. For this reason there were strong parallels between the expansion and reduction of the economies of the developed countries and the Spanish economy, and a strong parallel between its progress and that of Abelló, Oxígeno-Linde SA. A parallel that was reflected quite well in the company’s results: when the situation is good, the volume of sales increases as do the profits, while in periods of recession this makes itself felt. It is logical, if we bear in mind that a gas company is very much a supplier of other industrial companies, and that, therefore, it depends on its own market and on the customers’ demand. But economic development in itself, regardless of the situation, means a greater consumption of gases. It is obvious that the German partners, once they had obtained the majority shareholding, decided to give a strong boost to the company. In 1983, Abelló, Oxígeno-Linde SA drew up a Company Plan (1983-1987) forecasting turnover, costs, investment, production capacity, staff, etc., that was along these lines, but dependent on the market. 1 In 1984 it was a case of seeking the “consolidation of the company, the expansion of activities and the reduction of costs”. The recession that had begun ten years earlier was still going on. While the 1983 Abelló, Oxígeno-Linde Report considered that it had been a year “showing no signs of recovery” and that 1984 was no better, on the contrary 1985 closed with “favourable prospects”, and 1986 was frankly good, This was the year when Spain entered the European Economic Community as a full member. It did so at a time when the situation was looking up and the Spanish economy was beginning to be fully competitive on the international market thanks to the modernization of its companies, both Spanish and international – an upward situation that lasted until 1992. That year it has to be accepted that a change has taken place and that the “Spanish economy has gone into recession”. 2 The change was reflected in the volume of business and the results of Abelló, Oxígeno-Linde. The crisis lasted for another year, but was not as serious as the previous one, as in 1994 “a recovery greater than expected” was sensed. 3 In the world context, the euphoria of the years of the end of the century was excessive and was reflected in a rise in share prices on the market that was unconnected with the increase in companies’ profits. At the beginning of the 21 st century we see the speculative balloon burst. A formal but symbolic change in this period is the one referring to the company name, agreed at the Shareholders’ General Meeting on June 11 th 1991. Abelló, Oxígeno-Linde SA becomes Abelló Linde SA. Oxygen, which had been the company’s raison d’être when it was founded, is now just one of the gases that make up its production, but not exactly the most important one. 1. CA, April 27 1983. 2. Report 1992. 3. Report 1994 Territorial expansion and the broadening of the supply of gases (1984-2000) 153
THE SHAREHOLDERS AND COMPANY MANAGEMENT he Linde stockholding, majority since 1983, began to increase. From the Tinitial 51% of the capital it went to 54.2% in 1990 and to 67.98% in 2000. This last increase in the holding was in large measure the result of a capital increase, paid for in 1996, to the tune of 1,312.5 million pesetas, covered totally by the Germans. On November 18th 1999 the ownership of the shares passed to Linde Technische Gase GmbH, a purely formal change. Not withstanding this majority, the Germans did not assume directly the management of their shares and were represented on the Board of Directors by others, linked to the Abelló branch. Out of a total of seven directors there were only two with German nationality, a clear demonstration of confidence in their partners. Isidro Abelló Riera Isidro Abelló i Riera was named president of the Board of Directors, with effect from January 1st 1984, when he stood down from the posts of first vicepresident and delegated director. The Board, at the beginning of this new phase, was formed by: President First Vice-President Second Vice-President and Secretary Members Isidro Abelló Riera Georg Plötz Ramón Rovira Mora Antonio Negre Villavecchia Joaquín Rovira Mora Federico Abelló Riera Linde AG, represented by Dieter Braunschweig Isidro Abelló’s presidency lasted until 1987, when the Board of Directors designated Antonio Negre as president, 4 while Isidro Abelló remained as a member of the Board. Antonio Negre i Villavecchia, who was a member and consultant lawyer on the Board, was born in Barcelona in 1931, was a qualified lawyer and had had a long career as a jurist and financier. In 1976 he was delegate manager of the Banco de Vizcaya in Catalonia, and in 1983, president of Banca Catalana, under the control of that Basque bank, a post he held until 1986. That year, Antonio Negre was designated a plenary member of the Chamber of Commerce, Industry and Navigation in Barcelona on behalf of Abelló, Oxígeno- Linde. The Chamber elected him president in 1991 and Antonio Negre held this post until 2002, when he declined to stand for election again, after being re-elected for two terms. In 1996 he was elected president of the Chambers of the European Union–Eurochambres. In 1987 Joaquín Rovira Mora presented his resignation and was replaced by Francisco Francés i Orfila. In the same act, Ramón Rovira handed the post of secretary to Isidro Abelló Riera, although he remained a member of the board. 5 Federico Abelló i Bruguera died in 1990, so his place on the board was taken by his son Federico Abelló i Riera. As for the German directors, there was just one change: in 1988 Georg Plötz was replaced by Gunnar Eggendorfer, a member of the executive committee of Linde AG. 4. CA, April 7 1987. 5. CA, September 18 1987. 154 Territorial expansion and the broadening of the supply of gases (1984-2000)
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years
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Publication: Abelló Linde, S.A. Au
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INTRODUCTION hen a friendship lasts
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CONTENTS 1. ISIDRO ABELLÓ, HIS FAM
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elló linde 100 years abelló linde
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each of modest patrimonies. It is o
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In 1888, the year of the Universal
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ISIDRO ABELLÓ, SPECIALIST IN REFRI
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Third journey To Paris: November 23
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As to the profits or losses that th
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The results of the early years, unt
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Carl von Linde ab
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Imperial patent for Carl von Linde
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Catalonia was still the “workshop
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REPRESENTING LINDE REFRIGERATION MA
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LIQUID AIR AND OXYGEN In 1895, one
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Sketch of the first air liquefactio
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On December 22 nd 1906, a Report on
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Isidro Abelló
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State of the building Reial Col·le
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THE CREATION OF THE COMPANY he fail
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ISIDRO ABELLÓ’S INDIVIDUAL COMPA
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A COMPANY THAT STARTS OUT WITH GOOD
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50 The Company “Isidro Abelló, f
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General view of Passeig de Colom in
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For the Linde group this period end
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Alfonso XIII was to pay dearly for
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THE POLICIES OF THE MILITARY DIRECT
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Linde’s 25% official shareholding
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PRODUCTION ndustrial gases, and esp
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section selling Linde refrigeration
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THE SECURITIES PORTFOLIO AND INDUST
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THE MARKET IN CATALONIA, THE VALENC
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COMMERCIAL WAR he appearance of Pro
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The companies founding the Agrupaci
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A year later - 1927 - Autógena Mar
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A COMPANY THAT STAYS FIRM belló, O
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* From this figure of profits, 15%,
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THE SECOND WORLD WAR BEGINS n Septe
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THE POLITICAL AND ECONOMIC SITUATIO
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THE EXPROPRIATION OF THE GERMAN ASS
Page 104 and 105: THE SHAREHOLDERS AND COMPANY MANAGE
Page 106 and 107: EQUITY AND RESULTS here were no cha
Page 108 and 109: IMMOVABLE ASSETS n 1939, Abelló, O
Page 110 and 111: In 1952 the Board of Directors refe
Page 112: Without the founding brothers and w
Page 116 and 117: FROM STABILIZATION TO DEVELOPMENT h
Page 118 and 119: THE RETURN OF LINDE he shareholders
Page 122 and 123: The return of Linde and a strong in
Page 124 and 125: The first two capital increases wer
Page 127 and 128: Between the previous increases, the
Page 129 and 130: 126 The return of Linde and a stron
Page 131 and 132: VALENCIA REGION n 1956 there was a
Page 133 and 134: IBÉRICA DE GASES S.A. On November
Page 135 and 136: Prices on the Barcelona Stock Excha
Page 138: elló linde 100 years abelló linde
Page 143 and 144: Finally, the moment came when the m
Page 145 and 146: Capital increases (in millions of p
Page 147 and 148: PRODUCTION AND SALES he company has
Page 149 and 150: 146 The german majority (1976-1983)
Page 151 and 152: RESULTS The results column bears fu
Page 154: elló linde 100 years abelló linde
Page 159 and 160: 156 Territorial expansion and the b
Page 161 and 162: Hydrogen purification plant in Monz
Page 163 and 164: But the most important centre creat
Page 165 and 166: 162 Territorial expansion and the b
Page 167 and 168: As you can see, there is a demand f
Page 169 and 170: REGIONAL OFFICES Catalonia Valencia
Page 171: ASSOCIATE COMPANIES Carburo del Cin
Page 176 and 177: SLOWDOWN AND RECOVERY he economies
Page 178 and 179: EQUITY n this period there is just
Page 180 and 181: Since 2001 Abelló Linde and Ibéri
Page 182 and 183: STOCKHOLDINGS Investment subsidiary
Page 184: RESULTS AND THE APPLICATION OF PROF
Page 189: FRANCESC CABANA I VANCELLS orn in 1
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AbellÃ³ Linde Centenary Book

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