CIR Group

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Compagnie Industriali Riunite S.p.A.
Type Società per azioni (BITCIR)
Industry Holding company
Founded 1976
Headquarters Milan, Italy
Key people Rodolfo De Benedetti (Executive Chairman), Monica Mondardini (CEO)
Products Industrial holdings
Profit €10.1 million (2011)
Total assets €8.090 billion (end 2012)
Total equity €2.332 billion (end 2012)
Employees 13,940 (2012)
Website www.cirgroup.com

CIR Group (Compagnie Industriali Riunite) is an Italian holding company listed on the stock exchange which is 46% controlled by COFIDE of the De Benedetti family. The company was founded in 1976, when Carlo De Benedetti acquired the company Concerie Italiane Riunite, a Turin based tanning company, from its historic owner the Bocca family and transformed it into an industrial holding company. The company was then renamed Compagnie Industriali Riunite. Chief Executive of CIR for almost twenty years, Rodolfo De Benedetti is now Executive Chairman of the company.[1] Monica Mondardini is Chief Executive.

Today CIR heads an industrial group active in energy, media, automotive components, healthcare and financial investments. In 2012 the CIR group reported revenues of approximately 5 billion euro.[2] The group has around 14 thousand employees.

The Group[edit]

Today the most important business of the group is Sorgenia, the company founded by CIR in 1999 thanks to an agreement with the Austrian utility Verbund, which has over the years become one of the principal Italian operators in the electricity and gas sector. Sorgenia is active in the production and sale of electricity and in the sale of natural gas with approximately 500 thousand clients throughout Italy. After having focused for several years on the micro and small business sector, in 2011 the company entered the market as a supplier of electricity to households. CIR is the controlling shareholder of Sorgenia with an interest of 52,9%. In 2012 Sorgenia reported revenues of approximately 2.6 billion euro.

In the media sector CIR controls Gruppo Editoriale L'Espresso, the publishing company listed on the Italian stock exchange, which owns the daily newspaper la Repubblica, the weekly magazine L’Espresso plus other magazines, 18 local newspapers, three national radio stations (Radio Deejay, Radio Capital and M2O), two television channels, a digital division and an advertising concessionaire. The group is also active in television infrastructure with two multiplexes for digital terrestrial broadcasting. In 2012 Gruppo Editoriale l’Espresso reported revenues of 812.7 million euro.

In automotive components it is present with the subsidiary SOGEFI, one of the main operators worldwide in the engine system sector (filters and air cooling systems for engines) and suspension components (precision springs, stabilizer bars). Founded in Mantua in 1980, SOGEFI today supplies the most important car manufacturers worldwide and operates in 21 countries in five continents with 43 production plants. SOGEFI’s history includes numerous acquisitions, particularly in Europe and South America, the most recent of which was that of Mark IV Systèmes Moteurs (engine systems), completed at the end of July 2011. Sogefi’s revenues for 2012 were over 1.3 billion, all time high for the group.

KOS, which is controlled by CIR with Ardian (formerly AXA Private Equity) also having an interest, operates in the care-home sector. Established in 2003 with the name Holding Sanità e Servizi, KOS is active in the management of care homes (with the brand Anni Azzurri) and rehabilitation centres (S.Stefano). The company also supplies and manages diagnostic and therapeutic medical technology through its subsidiary Medipass. The KOS group is one of the main Italian operators in this field with more than 603facilities under management in the centre and north of Italy. The group recently launched a joint venture in India in the medical technology sector. KOS employs some 4,100 people and has an annual turnover of approximately 350 million euro.

The CIR group is also active in various investment initiatives such as the venture capital fund CIR Ventures, has a series of interests in the private equity sector and a portfolio of non-performing loans. In 2011 the CIR group acquired an interest of approximately 20% in the SEG group (Swiss Education Group), which is involved in training for the hospitality sector (hotels, catering etc.) with six facilities and over 5,000 students from all over the world.

Principal Shareholdings[edit]

Gruppo Editoriale L'Espresso S.p.A. (55.8%)

Sorgenia Holding S.p.A. (52.9%)

Sogefi S.p.A. (58.3%)

KOS S.p.A. (51.3%)

Board of Directors[edit]

The Board of Directors of CIR, appointed on April 29, 2011, consists of thirteen directors (previously fourteen), seven of whom are independent. CIR is one of the Italian listed companies that has the highest number of female directors (four out of thirteen).[3] The current Board will remain in office until the approval of the Financial Statements for the year ended December 31, 2013. The Board has the following Directors:

Carlo De Benedetti, Honorary Chairman and Director

Rodolfo De Benedetti, Executive Chairman

Monica Mondardini, Chief Executive Officer

Giampio Bracchi, Director

Franco Debenedetti, Director

Dominique Senequier, Director

Michael Pistauer, Director

Franco Girard, Director

Silvia Giannini, Director

Maristella Botticini, Director

Claudio Recchi, Director

Guido Tabellini, Director

Stefano Micossi, Director


who will remain in office until the approval of the Financial Statements for the year ended December 31, 2013.

Shareholders[edit]

COFIDE S.p.A. – 45.9%

Bestinver Gestion (an investment subsidiary of Acciona) - 11,3%

Norges Bank 2,7%

References[edit]

  1. ^ http://cachef.ft.com/cms/s/0/8a2e6f62-b4f4-11de-8b17-00144feab49a.html#axzz1gR0ID8f7
  2. ^ http://www.cirgroup.com/press/press-releases/document/cir-group-fy-2011-results.html
  3. ^ http://27esimaora.corriere.it/articolo/quote-anticipare-la-legge-si-puo/

External links[edit]