Economic conjuncture and entrepreneurial strategy: La Unión Resinera Española, 1898-1936

Abstract

This article studies the development of La Unión Resinera Española, leader company of Spanish resin industry and one of the largest in the timber sector; from its foundation in 1898 unti1 1936. Emerged after a wide and complex horizontal concentration process, had as initial objective to reach a market power next to the monopoly. However; throughout the analyzed period the company adapted its dimension, strategy and objectives to the changing conjuncture (economic and sectorial), the institutional framework and the technological evolution. Having consolidated its predominance in the home market, on the basis of some high-quality products, La Unión Resinera Española tried to guarantee a significant presence in the international markets, only possibility of growth for a company with certainly ambitious objectives.