topics
Cooperativa Fonderia Dante was also present at the 16th Verona Eurasian Economic Forum, which took place in Samarkand, Uzbekistan. The cooperative – Dante in the name was the founder of the start-up company – founded in 2017 in San Bonifacio, province of Verona, with 62 members (today there are 71), represents one of the success stories of Workers Buy Out, employees of enterprises in crisis, who unite to become entrepreneurs themselves, in this case with the support and accompaniment at every stage by Legacoop Veneto. Since its inception, CFD, a manufacturer of cast iron boilers and brake discs, has grown amazingly in just a few years, with a turnover exceeding 30 million euros, and its markets now stretch from North America to the United Arab Emirates, from Russia to Korea.
Erasmo D'Onofrio is the CEO of Fonderia Dante, a cooperative founded in 2017 by 62 members.
Mr. D’Onofrio, your activities are undoubtedly an example of virtuousness. Today you export your products all over the world and are looking for new markets. What were the goals of your presence in Samarkand?
Our company has been selling water heating products for domestic and industrial use for several years. The goal was to explore the potential of this country, which occupies the central position in the Central Asian region, on both the commercial and logistics front. These countries are very important for CFD, since the use of cast iron boilers is highly valued for the inherent characteristics of our products: quality, durability, performance even in extreme environmental conditions, ease of repair, ease of operation.
What opportunities are there in the Central Asian markets that were discussed at the Forum?
At this forum, we received significant input and contacts to develop our presence in Asia. The industrial park, where our customers produce industrial boilers on site, will certainly contribute to our integration. Actually, we are evaluating the possibility of launching local assembly with significant concessions and simplifications so that we can have products locally, without waiting for the long delivery times expected today.
How important are international markets for CFD?
Our company exports 100%.
What are the main difficulties in conquering international markets?
Difficulties arise from the investment required to understand and control foreign markets that are so far away. If we had the necessary resources, we could reach new markets through similar events or direct marketing. We estimate that CFD will need to invest around €200,000 to be able to carry out activities to penetrate the Asian markets. The current staff is trained and has sufficient knowledge of foreign cultures.
What does the Cooperative’s experience tell about the “buyout” of workers?
It may be the sound of hammers on metal, the roar of machinery, the heat of melting, or the smoke that convey the imagery of a foundry, but the story of entrepreneurial rebirth emanating from Dante’s Cooperativa Fonderia (CFD) and its employees, now workers, retain a certain epic aura. We’re actually talking about a textbook worker buyout (WBO), which is a company bought out and retained by workers. One of almost 40 similar operations, in which Banca Etica is involved, perhaps more than any other institution in the country: 9.6 million initial loans were issued, 16.4 million euros of existing loans for 960 initial members of new companies.
What projects will be next?
Today we are leaving for Orlando, USA to present the world premiere of the cast iron condensing boiler. As far as we know, there is no similar product, and we decided to launch it in the innovation market, at an exhibition where we will arrive with something that relates to the company’s core business. We definitely need to be present in markets like the USA and Russia, because at the moment we are active throughout the Middle East, France, Belgium, and a little bit in Germany.
