Corticeira Amorim is the world’s largest cork processing Group. Incorporated in 1870, the Company currently has a direct presence in 28 countries across the five continents. It exports a vast array of products and applications to more than 100 countries and has a diversified network of 30,000 customers. Having strong sustainability credentials and contributing positively to climate sustainability, Corticeira Amorim provides a set of solutions, materials and applications to some of the world’s most technological, disruptive and demanding areas of activity, such as the aerospace, automobile, construction, sports, energy, interior design and wine and spirits industries.
Corticeira Amorim was listed on the Portuguese stock exchange on April 1988 and was followed by Ipocork, Amorim & Irmãos and Champcork in the same year. In 1989, a public exchange offer was launched, which provided for an exchange of Corticeira Amorim shares for the shares of the aforementioned entities.
2015, 2016 and 2019
Private Share Placements
In 2015, Corticeira Amorim made a private offering – exclusively aimed at institutional investors – by selling 7,399,262 of its own shares, which represented 5.56% of its Share Capital.
In 2016 and 2019, the Amorim Family sold part of its shares through private placements, thereby monetizing part of its investments.
Together, these private placements resulted in an increased free float of the Company, from 10% in 2014 to more than 28% in 2019, increasing its visibility and liquidity.
2020 and 2021
Green debt issues
Corticeira Amorim issued sustainability linked and green financing (commercial paper and bonds) to support green investments, raising more than €70m.
The proceeds were applied in green investments, including the environmentally sustainable management of living natural resources and land use, renewable, low carbon, eco-efficient and/or circular economy adapted products, production technologies and processes; waste management and resource efficiency; renewable energy and waste to energy.
This marked an important milestone in the Group’s sustainability strategy, reaffirming its continuing commitment to the application of ESG principles and best practices.
Main reasons for pursuing public financing
“In addition to strengthening the Group’s capital structure, the decision to list Corticeira Amorim on the Portuguese Stock Exchange provided essential leverage for the professionalisation of our management team; specialisation into distinct business units managed by highly qualified and motivated teams; and the redesigning of a governance model capable of safeguarding the interests of all stakeholders, including sustainable value creation for our shareholders.”
Corticeira Amorim is a successful example of a Portuguese family business that gained, through listing its share capital, a sound financial structure to achieve international expansion, improve its brand awareness and create sustainable value for its shareholders. Moreover, Corticeira Amorim has become the world’s largest cork processing Group, having an unparalleled contribution to the cork industry innovation and sustainability.
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