As the eurozone crisis persists, so the Spanish economy continues to suffer
by Louise McHenry UTI staff
Unemployment in Spain reached a historic eighteen-year high of 24.4 percent in April, according to Bloomberg. Associated with this, investment, particularly in construction, has fallen. In the next three, four years, there will be little or no construction in Spain or Portugal, claimed Lluis Lluveras, EMEA sales manager of Grup Plasfi.
As the bank restricts credit for new customers, some 400 000 houses lie empty in Spain, Lluveras noted. Plasfi, which makes polyurethane systems and polyols, has seen sales drop by 75 percent in Spain over the last year. Some 60 percent of the company’s business is in export now, and “those sales supported the business,” Lluveras told UTI in a 19 April interview at the Utech Europe event. Turnover in 2011 was E20 million ($25 million).
Five years ago, 90 percent of Synthesia Internacional Slu’s business was in Spain, said Roberto Garcia, manager, Polyurethanes, but the company has had to adapt to the changing situation and now only 65 percent of the business is there, with 35 percent abroad. However, “We’re not recovering the same amount of tonnes in other countries that we are losing in Spain,” Garcia pointed out.
Synthesia’s business is in two parts: 50 percent in polyester polyols and 50 percent in finished, formulated PU systems, for insulation and other industrial applications. In 2007/2008, Spain was the second…