Correa English Revista 75

GNC Hypatia facilities, in the Villalonquéjar Industrial Estate. Photo: Patricia/db
increased penetration in the
German country. But the outbreak
of the Gulf War triggered
a serious economic and financial
crisis in developed countries.
Correa’s shares, whose price had
reached 7,500 pesetas, fell in
1992 to 1,200, and the company
announced significant losses.
That ‘perfect storm’ begins
to subside when the decade
reaches its halfway point.
The company settles with its
creditors, the shares experience
a vigorous appreciation and, in
1995, the losses are drastically
reduced. The roller coaster of
the 90s has begun its ascent: in
1997 Nicolás Correa quadrupled
the sales of 1994, and the
stock market appreciation is
spectacular. In those years the
company launches the first
gantry machines, much more
precise and which until then
were considered a luxury item
for most customers. Nicolás
Correa democratises access to
this technology with the FP-
30 family, a revolution in the
market due to its competitive
price and high performance.
1998 is a historic year for
the company: 293 machines
are sold. Revenues amounted
to 9,503 million pesetas, with
a profit 40.6 percent higher
than in the previous year.
After overcoming one of the
most acute crises in its history,
Nicolás Correa has established
itself among the most efficient
companies in the world in the
sector and probably as the
best manufacturer of milling
machines in Europe.
The listing
provided
an inflow of
capital that
allowed the
development
of the
strategy that
the Board
of Directors
had been
designing for
some time
Correa
Group
is born
The creation of Grupo
Correa in 2001 opens a
new stage in the company’s
history. Actually, Nicolás
Correa had started to open
industrial and commercial
subsidiaries much earlier. In
1996, it acquired a supplier
of parts that is at the
origin of the current GNC
Calderería, established in
1978. From GNC Calderería
came the idea of creating
GNC Hyperbaric in 1999 to
delve into high-pressure
industrial machinery for food
preservation. Simultaneously
they would see the light
GNC Manufacturing (1997),
oriented to the assembly
of compact and repetitive
machine tools; and in 1999
GNC Electrónica and NC
Service were born.
After the formal
constitution of the Group,
GNC Manufacturing is
renamed GNC Hypatia, which
is dedicated to meeting the
demand for medium-sized
milling machines.
Currently, they are
part of the Correa Group,
as industrial subsidiaries,
Caldereria, Electronica,
Hypatia and Service. The
firm concentrates five
factories in Burgos, four
of them located in the
Villalonquéjar industrial
estate and the headquarters
of the parent company,
in the Gamonal industrial
estate. The Grupo Correa
umbrella also covers four
commercial subsidiaries in
various markets through
offices in India, the United
States, Germany and Asia.
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