The Legacy: A Humble Beginning
In 1947, amidst Spain’s emergence from international isolation and India’s independence from Great Britain, Baldomero Nicolás-Correa founded a modest workshop in Eibar, dedicated to assembling milling machines. Initially catering to local industrialists, his vision soon expanded globally. Seventy-five years later, the Nicolás Correa Group stands as a globally recognized, publicly traded company specializing in advanced machine tools, with 90% of its operations international. Headquartered in Burgos, with subsidiaries across the globe and a joint venture in China, the company serves prestigious clients across diverse sectors. Embracing cutting-edge technologies through its Correa 4.0 initiative, it continues to lead innovation in the industry.
21st Century Footsteps:
Transformation and Resilience
The 21st century has proven transformative for the Nicolás Correa Group, marked by significant milestones and strategic decisions. In 2001, its industrial subsidiaries achieved their first consolidated billing results, signaling financial stability and growth. The subsequent year saw Ana Nicolás-Correa assume the role of Secretary of the Board of Directors, ushering in a new era of leadership.
By 2004, the Group’s consolidated income soared to 44 million euros, setting the stage for further expansion. This trajectory continued with the 2005 merger by absorption of IndustriasAnayak, leading to the adoption of the Correanayak brand in 2006. The same year witnessed the establishment of a manufacturing plant in Kunming, China, thereby expanding its global footprint.
However, the global financial crisis in 2008 posed significant challenges. Though consolidated income peaked at 114 million euros, results fell short of expectations. By 2010, revenues plummeted to 32 million euros, recording substantial losses. The company navigated through tough times until Carmen Pinto’s appointment as CEO in 2013, marking a pivotal turnaround. Under Pinto’s stewardship, profitability was restored in 2014, recording a profit of 1.3 million euros.
In 2015, the Group sold 10% of its shares to South Korean manufacturer Doosan. However, this agreement was terminated in 2017 to refocus activities in Burgos. The benefits of consolidating operations into a single plant began to materialize in 2018, contributing to sustained growth. Despite the challenges posed by the COVID-19 pandemic in 2020, the Group maintained profitability, paving the way for an ambitious investment plan spanning from 2022 to 2026. Even amid the outbreak of the Ukraine war in 2022, the Nicolás Correa Group continued to flourish, embarking on an exciting new phase of expansion.
Foothold with Leadership
The year 1984 marked a pivotal turning point with the passing of his father, Baldomero. Stepping into the role of Chairman, Sir Jose Ignacio embarked on a transformative journey that spanned the next four decades. Under his leadership, Nicolás Correa S.A. achieved unprecedented heights. His tenure was defined by strategic foresight and an unwavering commitment to excellence. The company attained significant milestones, including its listing on the Madrid Stock Exchange in 1989 and the formation of the Correa Group in the 1990s. This era of expansion saw the Group grow to encompass five industrial subsidiaries and four commercial subsidiaries, solidifying its formidable presence in major global markets.
Value Systems
Central to Mr. Jose Ignacio’s approach to business were three core pillars: technological development, product quality, and the people integral to the project. His unwavering commitment to these principles underpinned the company’s global expansion. His philosophy, encapsulated by the maxim “the market is the world,” underscored the importance of looking beyond domestic markets—a strategy pivotal to the company’s success.
A Multifaceted Personality
Mr. Jose Ignacio’s influence extended far beyond Nicolás Correa S.A. He played pivotal roles in various institutional projects, significantly contributing to sectoral and societal advancement. He served as President of the European Machine Tool Committee (CECIMO), President of the Burgos Metal Federation (FEMEBUR), and President of the Association for Progress and Management (APD) in Castilla y León. His roles also included Director of ICEX, a member of the Social Council of the University of Burgos, trustee of its Foundation, and a member of the Advisory Board of CaixaBank in Castilla y León.
His entrepreneurial spirit transcended the machine tool industry. A pioneer in diverse ventures, he consistently pursued diversification, value creation, and employment generation. His passion for technology prompted the establishment of Hiperbaric in 1999—a leader in high-pressure food preservation. He chaired Hiperbaric until its sale in 2017. Furthermore, he served as Chairman of Sancor Capital S.L., focusing on investment and business exploration, and as Sole Administrator of Sancorganic S.L.U. and Sancor Real Estate S.L.U., engaged in the agri-food and real estate sectors respectively.
Legendary Departure
The Correa Group mourns the loss of Mr. Jose Ignacio Nicolás Correa Barragán, Chairman of its Board of Directors, in May 2024. Nicolás Correa S.A., its subsidiaries, Board of Directors, management teams, and employees deeply feel his absence. The passing of Sir Jose Ignacio Nicolás Correa Barragán profoundly impacts those who knew him and those who benefited from his leadership, vision, and generosity. His legacy—a testament to innovation, excellence, and relentless pursuit of progress—leaves an indelible mark on the machine tool industry and beyond, setting a high standard for future generations of business leaders.
Taking the Legacy Ahead
As the Correa Group moves forward, it does so with profound gratitude for the foundation laid by Mr. Jose Ignacio. His principles and values will continue to guide the company, ensuring that his legacy of excellence endures. The entire organization extends heartfelt condolences to his family and friends during this period of loss. Sir Jose Ignacio Nicolás Correa’s contributions will be forever remembered, and his influence will resonate for years to come.
Eying the future
The Correa Group’s strategic vision focuses on expanding through significant investments, highlighted by the acquisition of a 20,000 square meter plot in Burgos for future plant development. This initiative aims to accommodate the growth of GNC Hypatia and establish “the factory of the future,” enhancing machining capabilities and serving as a technological showcase. Beyond infrastructure, the plan includes updating ERP systems to boost efficiency across subsidiaries and reinforces market presence in Europe, America, and Asia, with a steadfast commitment to customer satisfaction and professional excellence driving every initiative.
The Legend: Born, Not Made
Mr.Jose Ignacio Nicolás Correa, a luminary in the machine tool industry, was born in Madrid in 1949. His life and career were profoundly shaped by a strong connection to the business world, following in the pioneering footsteps of his father, Baldomero Nicolás-Correa, the founder of Nicolás Correa. His journey, characterized by innovation, leadership, and unwavering dedication, left an indelible mark on the industry, setting a high standard for future generations of business leaders.
Man in Action
Mr.Jose Ignacio formally joined the family business in 1969 at the age of 21, assuming the role of head of the Export Department. He quickly demonstrated his sharp commercial acumen and visionary global outlook. His adeptness in navigating and expanding into international markets became evident, establishing relationships and solidifying Nicolás Correa’s robust global presence. That same year, his capabilities were further recognized with his appointment as Secretary of the Board of Directors, a role he held until his elevation to Managing Director in 1981.
Achievements and Milestones
Sir Jose Ignacio’s dedication to continual learning was evident in his academic achievements. He earned a degree in Law from the Complutense University of Madrid, a Diploma in Business Tax Consultancy from ICADE, a PDG from the Instituto de EstudiosSuperiores de la Empresa(IESE) at the University of Navarra, and a PhD in History from CEU San Pablo University. His commitment to education was a lifelong pursuit, reflected in roles as both an educator and a student. His deep engagement with the University of Burgos saw him regularly conduct seminars for master’s and doctoral students in the Faculty of Economics.
In April 2024, Mr. Jose Ignacio received the highest academic honor from the University of Burgos when he was bestowed with a Doctor Honoris Causa. This recognition underscored his steadfast commitment to education and his substantial contributions to academia and industry.
Recognition for Excellence
Sir Jose Ignacio’s accolades extended beyond academia. His work garnered numerous awards and accolades, both nationally and internationally His leadership in the machine tool industry earned him respect and admiration from peers and competitors alike. His strategic vision and dedication to innovation set benchmarks that many aspired to, yet few could match.
