Comprosa

By: Jim Sharpe and Jose Luis Barbero

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Synopsis: Jose Angel Medina, had previously been involved in many turnarounds; this one was different. Comprosa, a Spanish manufacturer of packaging films, had a long history of success but had recently fallen on tough times due to decisions made by the CEO in his attempt to find a buyer for the company coupled with the financial crises in Europe in 2008. Medina, a turnaround professional, had been brought in to save it. In March, 2009, eight months after taking charge, the situation had stabilized but the company had not shown profits. As Comprosa reached breakeven, Medina reflected on how to continue to drive up the company profits. Their markets were mature and powerful Indian and Chinese competitors had achieved economies of scale that Comprosa could never reach. Tired and exhausted he needed to implement with urgency a plan to finalize the turnaround. After determining that the business was worth saving and stablizing the cash situation, Medina takes a number of steps to bring the company quickly back to break even. Now he is faced with determining what steps to take to get the company back to solid profitability.