What Grupo ULMA does

Grupo ULMA, S. COOP. is a privately held industrial cooperative founded in 1961 and headquartered in Oñati, Basque Country, Spain, organized as nine wholly-owned operating cooperatives plus a nascent healthcare technology line. The group designs, manufactures, and services engineered industrial products across construction (formwork, climbing systems, scaffolding, and shoring), packaging machinery (flow pack/HFFS, thermoforming, tray sealing, vertical bagging, stretch film), conveyor components (rollers, supports, idlers, drums), intralogistics handling systems, prefabricated architectural concrete (ventilated facades and drainage), agricultural greenhouse and harvesting equipment, embedded electronic solutions, forklift-based lifting solutions, and forged steel flanges and components, with a new ULMA Medical Technologies line offering AI-based healthcare solutions. It serves enterprise customers including construction contractors, food and industrial packaging buyers (e.g., Grupo BIMBO), bulk material handlers, mining operators, logistics providers, building developers, and agricultural cooperatives, supported by 22+ international subsidiaries, regional offices (Dubai), and warehouses (Lima) in more than 80 countries.

The business model combines project-based capital equipment sales, multi-year rental and leasing of formwork and scaffolding, professional engineering, installation, and after-sales services, and recurring replacement-part revenue. Pricing is quote-based and customized to project specifications, geography, and volume, with multi-year contracts on large construction projects. The group sells directly via its own subsidiary sales force, complemented by regional channel partners (e.g., REMA TIP TOP CHILE) and trade-fair-driven demand generation. In FY2024 the group generated €1,151M in compiled sales (rising to €1,239M in FY2025, +7.6%), €225M of EBITDA, and €109.8M of net income (+2.8% YoY), with 73% of sales outside Spain, headcount of 5,747, capex of €145M (+38% YoY), and net financial debt/EBITDA of 0.75x. The group is governed cooperatively, with member-partners rather than external shareholders, and recently secured a €45M EIB loan (July 2025) to fund innovation, sustainability, and capacity expansion while executing a managed CEO succession from Iñaki Gabilondo to Aitor Ayastuy effective 1 April 2026.

Name

Grupo ULMA

Legal name

GRUPO ULMA, S. COOP.

Website

https://ulma.com

Company type

Private

Founded year

1961

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Grupo ULMA is a privately held Spanish industrial cooperative operating nine business lines—construction formwork, packaging machinery, conveyor components, handling systems, architectural concrete, agriculture, embedded electronics, lifting, and forged steel—serving enterprise customers across more than 80 countries.

Ownership category

akta.pro rank

Headquarters

HQ city

Oñate

HQ country

Spain

HQ region

Europe

Offices12 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Industrial product sales: Sale of manufactured capital equipment and components (formwork, scaffolding, packaging machinery, conveyor components, handling systems, architectural concrete, lifting solutions, agricultural equipment, forged parts). Revenue is project-based for large infrastructure and recurring for replacement parts and consumables, with 73% of 2024 sales generated internationally.
2. Engineering, installation, and after-sales services: Professional services covering project engineering, on-site assembly, training, and maintenance for installed equipment and formwork systems across global construction and industrial sites.
3. Rental and leasing of formwork/scaffolding: Rental and lease of ULMA Construction formwork and shoring systems to contractors, generating recurring revenue and long-duration contracts on multi-year construction projects.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

Grupo ULMA is a Spanish industrial cooperative operating nine business divisions that design, manufacture, sell, and service engineered industrial products: construction formwork and scaffolding systems, packaging machinery, conveyor components, architectural prefabricated concrete, agricultural greenhouse and harvesting systems, embedded electronic solutions, forged steel components, intralogistics handling systems, and lifting/forklift solutions. The group delivers turnkey engineering, installation, rental, and after-sales services to industrial and construction buyers across more than 80 countries, with 73% of sales generated internationally.

Differentiator

Problem solved

Functional benefit

Brands

• ULMA AGRÍCOLA: High-technology greenhouse and agricultural solutions business line.
• ULMA CONVEYOR COMPONENTS
• ULMA CONSTRUCTION
• ULMA EMBEDDED SOLUTIONS
• ULMA FORGED SOLUTIONS
• ULMA ARCHITECTURAL SOLUTIONS
• ULMA HANDLING SYSTEMS
• ULMA PACKAGING
• ULMA LIFTING SOLUTIONS
• ULMA Medical Technologies

Products and services

• ULMA Construction Formwork and Scaffolding Systems Sale, rental, and engineering of modular concrete formwork, climbing systems, shoring, and scaffolding for bridges, high-rises, civil works, and energy infrastructure; served construction and infrastructure contractors worldwide through 22 subsidiaries.
• ULMA Packaging Machinery and Packaging Lines Design and manufacture of horizontal form-fill-seal (flow pack / HFFS), thermoforming, tray sealing, vertical bagging, and stretch-film packaging equipment and complete lines for food manufacturers and industrial producers.
• ULMA Conveyor Components Design and manufacture of conveyor rollers, supports, idlers, and drums for bulk material handling in mining, food processing, logistics, and packaging applications.
• ULMA Agrícola Greenhouse and Agricultural Equipment High-technology greenhouse systems, fruit and vegetable harvesting, handling, and storage equipment for agricultural cooperatives and fresh-produce packhouses.
• ULMA Architectural Solutions Prefabricated Concrete Systems Prefabricated polymer concrete products for drainage and architecture, including ventilated façades, industrialised enclosures, customised prefabricated building elements, and urban furniture for architects, developers, and façade contractors.
• ULMA Embedded Solutions Electronic Engineering Services Specialised engineering services across the electronic product life cycle, including embedded electronic design, firmware, and IoT connectivity for industrial applications.
• ULMA Forged Solutions Forged Flanges and Components Manufacture of forged steel flanges and components for demanding technical specifications, serving industrial customers requiring high-integrity forged parts.
• ULMA Handling Systems Intralogistics Engineering Integral intralogistics engineering including turnkey conveyor, sortation, storage, and order-fulfillment systems for distribution centers, e-commerce, and manufacturing, delivered in collaboration with Daifuku.
• ULMA Lifting Solutions Forklifts and Material Handling Machinery Sale of forklift trucks and integral material handling machinery solutions for industrial goods handling applications.
• ULMA Medical Technologies AI-based Healthcare Solutions Integral, interoperable, AI-based solutions for healthcare systems aimed at improving efficiency and sustainability, offered as part of Grupo ULMA's business promotion portfolio.

Quantifiable outcome

• €1,239M in 2025 sales, 7.6% growth vs 2024
• +3 more outcomes

Named customers4 records

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered minor and core.

• REMA TIP TOP CHILEminorChannel Partner/ Reseller/ DistributorCollaboration in the Chilean market for the distribution and deployment of ULMA Conveyor Components and material handling solutions to industrial customers, including mining.
• DaifukucoreStrategic or Co-development PartnerULMA Handling Systems collaborates with Daifuku on integrated material handling and intralogistics solutions, combining ULMA's local execution with Daifuku's global automation technology portfolio.
• FoodLabminorGTM or Marketing PartnerULMA Packaging participates in FoodLab's ecosystem of food-industry partners, supporting joint go-to-market activity with food manufacturers and packaging innovators.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• GEA Group: German-listed broad industrial engineering group with a large packaging and food processing equipment portfolio. Comparable to ULMA Packaging and ULMA Handling Systems as a diversified incumbent serving food and industrial customers with broader scale.
• Toyota Material Handling: Global leader in forklift trucks and material handling machinery. Comparable to ULMA Lifting Solutions as a much larger incumbent serving the same industrial and logistics end customers with broader product depth and global dealer network.
• Bosch Packaging Technology (Syntegon): Global packaging machinery provider for food, pharma and consumer goods (formerly Bosch, now Syntegon). Overlaps with ULMA Packaging's flow pack, thermoforming and tray-sealing product portfolio serving multinational food manufacturers.
• Dematic: KION-owned global supplier of integrated automated supply chain solutions (conveyors, sortation, storage, WMS). Comparable to ULMA Handling Systems as an established, larger-scale intralogistics integrator with broader geographic coverage.

Direct peers

• Interroll Holding: Swiss-listed manufacturer of rollers, drum motors, idlers and conveyor components. Most direct comparable to ULMA Conveyor Components across industrial, food, logistics and packaging customers.
• PERI Group: Germany-based global leader in formwork, scaffolding and shoring for construction. Directly comparable to ULMA Construction, ULMA's largest division (>€400M turnover), competing for the same contractors on infrastructure and high-rise projects worldwide.
• MULTIVAC: German manufacturer of packaging machinery (thermoforming, tray sealing, flow pack). Directly comparable to ULMA Packaging, serving the same food and industrial packaging customers with similar capital equipment and after-sales service models.
• Doka (Umdasch Group): Austria-based formwork and scaffolding specialist, part of Umdasch Group. Competes head-to-head with ULMA Construction on engineered formwork for bridges, high-rises and civil works, with similar global project-based delivery.
• Daifuku: Global intralogistics and material handling automation leader. Already a strategic partner of ULMA Handling Systems, but also a comparable competitor in conveyor, sortation and storage systems for distribution centers and manufacturing.
• Forgital Italy: Italian manufacturer of rolled and forged rings and complex forged components. Directly comparable to ULMA Forged Solutions in producing forged flanges and components for demanding technical specifications across industrial customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/grupo-ulma
• Xx.com/GrupoULMATaldea

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries9 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Grupo ULMA