More than six decades of experience.

Invexans S.A. (previously called Madeco S.A.”) was incorporated as an open corporation in Chile in 1944. Today, Invexans S.A. is the largest shareholder in the French company Nexans.

Nexans, a world leader in the cables industry, had sales in 2014 of 6,403 million euros. With industrial presence in 40 countries, Nexans employs close to 26,000 people arround the globe.

During 2014, the agreement with Nexans is terminated and the interest in such company increases to 28.97%. Also, a capital increase is finalized, with an approximate collection of US$270 million.
In March, the division of the company into two companies  was approved. The successor company will remaining with the investment in Nexans, part of the existing financial debt and other obligations related to its assets. The subsidiaries Alusa S.A., Madeco Mills S.A. and Indalum S.A. therefore now form part of the new company together with the rest of the financial debt.

Among the resolutions adopted at this extraordinary meeting, the change of name of the successor company was approved, from Madeco S.A. to Invexans S.A.. The new company to be created from the division will be called Madeco S.A.

Invexans S.A.  reached a 22.41% shareholding in Nexans. On November, Madeco and Nexans signed an amendment of the agreement in order to consolidate the position of Madeco as reference shareholder, with wich Madeco could increase its shareholding in Nexans to 28%

Invexans acquires 50% of Empaques Flexa, a flexible packaging company in Colombia with a production capacity of 9,500 tons.


Invexans sells its subsidiary Armat S.A. to the swiss company Amera International AG.

Nexans and Invexans sign an agreement to strengthen Invexans position as the principal shareholder of the Group


After nearly two and half years of differences, terminate the arbitration proceedings that Invexans had with Nexans, due to differences in the selling price of the cable unit. This meant an adjustment to lower selling price of $ 11.5 million.


Invexans adopted IAS and IFRS standards as its new accounting and financial reporting standards. The Company, after 16 years of being in the New York Stock Exchange, began the process of closing its ADR program due to the costs of the program and the lower shares that the ADRs represents for the company participation that the ADRs had to total capital of the Company.


The agreement with Nexans was completed, involving the transfer by Invexans of its cables unit’s assets in Chile, Argentina, Peru, Brazil and Colombia in exchange for MMUS$448 in cash (or MMUS$393 after discounts) and 2.5 million shares in Nexans.


At the beginning of the year, the Company acquired 80% of a Colombian cable company (Cedsa S.A.) and increased its holdings in its Peruvian flexible-packaging subsidiaries (which were then merged as Peruplast S.A. near the end of the year) to achieve 50%. In mid November, the Company signed a framework agreement with the French cable company Nexans in a transaction involving a cash payment of MMUS$448 plus 2.5 million shares in Nexans in exchange for the Company’s cables unit.


Performance by Skills was introduced in Invexans in order to retain and develop the talents of its personnel. Implementation of SAP also began in Indeco and Invexans, a process completed in 2007. The Company signed a 5-year syndicated loan for MMUS$50. The balance of un-subscribed shares from 2005 was auctioned for MMUS$18.


In September, all the loan restructuring agreements signed with the banks in 2002 were prepaid. There was a capital increase in November which generated funds of approx. MMUS$84. In June, an “up-cast” continuous roller started operation to increase wire-rod production.


In May, the Series C bonds (approximately UF 1.4 million) were repaid and in December the Series A bonds (UF1.9 million) were prepaid, mainly financed by a new issue of bonds at 7 years, called Series D (UF1.8 million). The remaining 139 million shares were auctioned at Ch$41 per share (US$9.0 million).


The financial restructuring process was concluded in April with a capital increase of US$74 million, repayment of 30% of the debt (US$39 million) and the restructuring of 70% at 7 years with 3 years’ grace. In May, the ADR to shares ratio was changed from de 1 ADR=10 shares to 1 ADR=100 shares. In the third quarter, 1,422 million shares were auctioned to produce funds of US$57 million.


The Company began a financial restructuring that included a capital increase and negotiations with Invexans creditors for refinancing its financial debt at a longer term.


More History (1944-1996)