09/28/2021 at 11:03 AM CEST
The commons of Canillo, de la Massana and Crèdit Andorrà have signed this Sunday a preliminary agreement for the creation of a new company which plans to integrate the 100% of the shares of ENSISA and EMAP, companies operating stations Soldeu El Tarter and Pal Arinsal. The initial shareholding composition will be one 40.09% by Canillo, a 39.66% by Crèdit Andorrà and a 19.9% by the Massana corporation. This integration will bring significant benefits, both in the economic sphere and in the cohesion of the business model, with the aim of being more competitive in international markets and eliminating internal competition. placing Andorra as a top 10 snow destination in the world.
This new historic alliance in the Andorran snow sector will favor the future stability of the two societies, increasing revenues, saving costs and improving the capacity to promote a global investment plan, which will allow working in a local field of action combined with internationalization.
The purpose of the new formula is to promote a more competitive offer 365 days a year. In this sense, the strategic plan includes investments worth more than 60 million euros to the slopes of the Soldeu El Tarter de Grandvalira sectors, as well as an investment of 36.4 million euros in 2022 to develop the skiable connection project between Arinsal and Pal, through two new slopes, snow network and a service building in the area.
This formula will facilitate the choice of the best practices of the two models. One of the premises will be the separation of the Board of Directors from the executive team, with an objective choice of management. The proposal is based on a single proximity address that integrates the Mountain, Services, Administration and HR departments, in combination with GrandvaliraNEVASA as a marketer for the future.
Percentages of shares
One of the objectives of the Massana corporation is to be equal within the new business structure. To this end, mechanisms have been agreed so that the initial participation of 20% progressively reaches 30% in the next six years.
The negotiations for the creation of the new company began last May and have counted with the intervention of the Cònsol Major (Mayor) of Canillo, Francesc Camp, the consul major (mayor) of La Massana, Olga Molne, and the executive director and general director of Crèdit Andorrà, Xavier Cornella, as well as David hidalgo, CEO of Grandvalira-ENSISA and the CEO of Vallnord Pal Arinsal, Josep Marticella.
In this sense, Olga Molné has pointed out that “in La Massana we were clear that we wanted a country project, with natural partners. And from the different meetings we have held, both with national and international investors, we have always been clear that the best option was an integration model between EMAP and ENSISA. That is why we have worked in this regard and I am very satisfied with what we have achieved, since this operation will bring benefits for the three parties and for the country. la Massana to change its shareholding model.
At the same time, Francesc Camp wanted to highlight that beyond the synergies that the new company will generate at the business level, “hay that take into account the positioning in the international arena which will involve the joint actions of continuing to host the Alpine Skiing World Cups in Soldeu El Tarter and the MTB World Cups and World Championships in Pal Arinsal & rdquor;
For its part, Xavier Cornella explained what “cWith this agreement, everyone will win. It should allow to unify skiing in Andorra in a single brand, honoring the spirit of the pioneers of Grandvalira. Crèdit Andorrà has always bet on this economic sector, key to the development of the country & rdquor ;.