newsYear 34, no. 3 A great captain of industry AMORIM NEWS The “self made man” who “An entrepreneur with an enterprising spirit, determined, built one of ’s most persistent and often visionary (...) he left a decisive mark on important industrial empires various sectors of economic life, including the cork industry, and culminated his career Américo Amorim will go down in Portuguese history with a decisive position in the as one of the country’s most important fi gures – as an oil industry”, entrepreneur, wealth creator. Man of rigour, ethics and Marcelo Rebelo de Sousa, morals. Far-sighted, he proved to be ahead of his time, President of the Republic constantly building bridges with the future.

“He is one of the key fi gures of Portuguese industry since the 1974 revolution. His death means the loss of an entrepreneurial capacity and activity that we all regret, that we need in Portugal and qualities that others should have to help Portugal achieve further growth. Portugal has lost one of its great captains of industry”, António Saraiva, Chairman of CIP

“I respected him as a great Portuguese businessman, with a fabulous strategic vision and remarkable objectivity”, Mira Amaral, former Minister of Labour, Industry and Energy, and current president of Banco BIC

We are what we do consistently. Excellence therefore isn’t an act, it’s a habit. Américo Amorim

Forbes Magazine, 1992 2 The Amorim Empire

Cork is the symbolic and sentimental cradle of a global conglomerate. Corticeira Amorim has been managed by Américo Amorim’s nephew, António Rios de Amorim, since 2001. The company is organized across five business units (Raw-Materials, Cork Stoppers, Floor & Wall Coverings, Composite Cork and Insulation Cork) since 2001, and operates in five continents.

The holding company owns 75 companies, 28 of which are industrial units, and its products are sold in more than 100 countries. Beyond the cork industry, it develops its business Brothers and sisters – Isaura, Joaquim, Luzia, Américo, Albertina, António, Margarida and José Ferreira de activities in the forestry, energy and Amorim, in 1954 financial sectors, real estate and luxury goods. In the forestry and agriculture Born on July 21, 1934, he He helped his family in agricultural sector, the company owns land in two died on July 13, 2017, a few tasks from an early age, and during zones of Portugal: the region, holiday periods helped out in his with wine, olive groves and two farms days before completing grandfather’s cork stopper factory. (300 hectares); and the Alentejo region, his 83rd birthday. Known His family had depended on the with one million cork oak trees and cork industry for its way of life and intense agricultural production, olive as the “King of Cork” and growing, cattle raising and hunting. for having transformed subsistence since the nineteenth century, after his grandfather, It also has many interests outside his company, Corticeira António Alves de Amorim, Portugal. In Mozambique, he has shares Amorim, into the world’s founded the company in 1870. in Banco Único. Over recent years, largest cork producer, his the company has also expanded its legacy will live on in the At the age of 19, already an orphan, agricultural activities, via participation after his father and mother died two in a consortium that is developing national imagination, years before, he received 2.5% of a major agricultural project in the far beyond the world Amorim & Irmãos as his inheritance Zambezia province, for the cultivation of business. (his siblings were given an equal of soybeans, rice and beans. shareholding), together with money In Brazil the company is a shareholder Born in Mozelos, in the municipality which the brothers gave to their sisters, and some lands - which in the Banco Luso-Brasileiro. It also has of , Américo residential and tourist investments, Américo Amorim’s family still owns. Ferreira de Amorim was the fifth of both in Portugal and Brazil. Some of eight children of Américo Alves de At the request of his uncle, Henrique Amorim’s biggest tourism-real estate Amorim and Albertina Ferreira, who Amorim, he ceased his studies in the investments are located in the North- were humble people, who ensured Trade course in and joined the east of Brazil, especially in Praia do Forte that their children upheld the virtues factory staff. His first monthly salary and in Maraú, in the state of Bahia. of hard work, honour and keeping was a mere 500 escudos. one’s word. With a taste for geography and He grew up in a simple farmhouse, passionate about travel, he quickly in modest and austere conditions, became a bold entrepreneur, who as he often explained throughout his foresaw the globalization of the lifetime, which shaped his character economy and realised that he could and outlook on life and business. play a key role in Portugal in the He received his first pair of shoes at euphoric period following the the age of nine, when he finished his country’s adhesion to the EEC in 1986. fourth year at school, and only wore them for Sunday mass.

3 AMORIM NEWS Américo Amorim’s background

“Américo Amorim will always be a unique leader, who was To gain a fuller understanding of the profile of Américo dedicated to guaranteeing a Amorim – a man who didn’t need university training vision and future for the Galp to achieve success based on a vast economic empire, project”. This oil company it’s important to understand his roots, formative emphasizes his qualities as a influences and inner drive. leader and an “exceptional man”, Galp

Américo Amorim “leaves an example of unequivocal entrepreneurship at the national and international level, as the entrepreneur behind the world’s leading cork producer and exporter... AEP pays its heartfelt homage to an indispensable figure in Portuguese business life, AEP (Portuguese Business Association)

He was an honest, good and exceptionally intelligent man, Frei Bernardo Domingues

I have always under- stood that works are built through participa- tion and respect for everyone around us. Américo Amorim

Américo Amorim with his brothers Antonio (on his left) and José, in 1962 4 In 1870, his grandfather, António Alves Amorim, aged 48, opened a small workshop to manufacture corks for Port wine barrels. The workshop was located in the heart of the wine trade, in the Rua dos Marinheiros, in Gaia, near Largo Sandeman.

After achieving little success in his first business, in the early 1890s he moved to Santa Maria de Lamas – the home town of his wife, Ana Pinto Alves Amorim. There he created a small factory for the production of wine corks, at a time when the market was expanding.

Amorim & Irmãos, Lda. was set up on March 11, 1922, with António Alves Amorim’s nine living children as its partners. He died a few months later, on October 11, at the age of 90. Américo Amorim’s speech at Amorim & Irmãos 60th Anniversary celebration

In the early 1930s, Amorim & Irmãos was already “the largest cork stopper Cork was always Américo Amorim’s business strategy producer in the North of Portugal”, was always based on geographic with commercial contacts in Japan, his first love and business diversification. Further Germany, the USA, Brazil and proof of this was his acquisition of England. However, a major fire Wicanders before the end of the destroyed the cork stopper factory Cork is the basis of everything that 1980s, which has a vast distribution network of flooring solutions, with on March 21, 1944. The family thought the Amorim family has built up over the last few decades. Corticeira great focus on cork, especially in about abandoning the business. Amorim assumed a core place in northern and central European However, with the help of the Américo Amorim’s strategic thinking. countries. By 1992, the Group had factory’s 350 workers, it was already consolidated its activities in the areas partially operational within a year. The company expanded into Eastern of wall and floor coverings and cork Europe via the cork trade, through insulation products. These operations It took a decade before the company implementation of Hungarokork- resulted in the creation of Amorim could obtain results that allowed Amorim on the outskirts of Budapest. Isolamentos. With the incorporation it to pay all the debts that it had Its creation as a cork stopper of the Belgian company, CDM, and contracted after the 1944 fire. manufacturing unit in 1984, aimed partnership with the Dutch holding to establish a position in the former company, Kies Kurk, the existing COMECON markets. distribution network was expanded further. Américo Amorim wasn’t only In 1988, Corticeira Amorim’s four targeting the European market for his largest companies – Amorim & expansion and vertical integration Irmãos, SA, Corticeira Amorim policy, he also had his eyes on the Indústria, SA, Ipocork – Indústria US and Canada. de Pavimentos e Decoração, SA and Champcork – Rolhas de Champanhe, As a result of this strategy, Portugal is S.A. launched an IPO on the now the world’s leading cork exporter Stock Exchange – a crucial decision and importer, contributing 80% to transform the company into one of exports of products based on of Portugal’s biggest companies. transformation of cork. The Amorim Group became the leader of the sector.

Factory shed where the Amorim family started its business activity, in Sta. Maria de Lamas 5 AMORIM NEWS Américo Amorim’s start

«Portugal has lost one of the in the family business leading figures of the business world from recent decades In around 1953, after the death of his father, Américo (...) From the cork sector to the financial sector, through Amorim’s uncle, Henrique Amorim, asked him to join the tourism, textiles, telecommu- company, and he immediately accepted. He joined in nications, real estate, wine September, 1953 before finishing his General Trade course. production and energy sector, This was the beginning of six decades that changed the Américo Amorim invested, face of Portuguese business. created and developed com- panies and created jobs, thus contributing to the country’s development», António Costa, Prime-Minister of Portugal

“Our profoundest sympathies following the death of the entrepreneur Américo Amorim, someone who left an indelible mark on the cork industry in Portugal and the world, leaving a legacy of innovation and expansion of the sector”

“He left us the leading player in the Cork Industry, (...) with his visionary and entrepreneurial character, as a businessman and former chairman of APCOR, Américo Amorim, occupies a unique place in the history of this sector”, João Rui Ferreira, chairman of APCOR

Neither a single market, nor a single customer, nor a single currency, nor a single product. Américo Amorim

Américo Tomas, President of the Republic, on a visit to the Amorim companies in 1970 6 His university was life During his travels he realised how the and world travel. He United States had been able to add value to cork by launching new admitted that he didn’t products. In 1958 he visited Romania have fond memories and then the Soviet Union, in his first of his schooling, despite foray into the COMECON countries. acknowledging the He realised how in Germany, USA, France, UK or Japan, cork, with the importance of studying. exception of stoppers, was imported He preferred contact with as a raw material and then processed the world, discovering to produce insulation products, wall the diversity of different coverings and floor coverings, or also for gaskets in engines, used in various continents, visiting industries. countries, getting to know the cultures of He began to dream of creating a new His personality different peoples, their factory, whose objective was to take advantage of the 70% of cork waste experiences, values Américo Amorim always preferred generated by Amorim & Irmãos in the action over words. For that reason, and habits. manufacture of cork stoppers. he became involved in many businesses and projects, but gave In May 1955 Henrique Amorim This led to the creation of Corticeira few interviews. As a result very few travelled by car with his nephews Amorim Indústria in January, 1963. people really got to know this great to Spain, France, Italy, Switzerland, The new manufacturing unit was entrepreneur from Mozelos, a family man and an aggregator, who was Holland and Germany. located in the Quinta de Meladas, in Mozelos. This was the beginning of reluctant to allow others to enter his private universe. Soon after, Américo Amorim left for his strategy for vertical integration of the business. Cork was not only Bordeaux on the Sud Express. In He is nonetheless known for his Biarritz he took a French language exported as a raw material it was also toughness in negotiating outlook. course, and then travelled through processed in Portugal. It was also He was feared as a manager, but also France and other parts of Europe. exported as a finished product, which admired. He had tireless energy, the Until 1967 he visited numerous permitted higher profit margins. working day was 24-hours long, and countries in Europe and Latin “there was always the night”. He America. He believed that Portugal’s hated to waste time, and was almost natural operating space was Europe never late for meetings. On the other hand, during all the years that he ran and that one day the country would the company, he always showed great join the Common Market. His travels care and respect for his employees. in Europe brought him even closer to this dynamic – with expansion of the Totally focused, unshakeable, even in market, improvements in working pursuit of the objectives that he set conditions and profitability, as well himself, he always took great care as the notion that everything is in in managing his time, knowing how permanent change and development. to accurately outline his priorities.

Américo Amorim assumed his position as a kind of Foreign Minister of Amorim & Irmãos, seeking contracts all over the world. The Group, led by Américo Amorim, entered cruising speed and gained scale. It stood out in the Portuguese industrial and business context and made Américo Amorim a leading player in the strategy to make Portugal the leader of the cork industry.

Wanj Te Ian, Chairman of the Bank of China, visits Labcork in 1984 7 AMORIM NEWS

1983. First visit of the President Ramalho Eanes 1986. Visit of Her Majesty, Queen Silvia 1989. Reception in the Palace of Queluz of Sweden to the Caves Real Companhia Velha of President of Uruguay, Dr. Júlio Mará Sanguinetti, during his visit to Portugal

1984. Visit by Austrian President Rudolf Kirschläger and President Ramalho Eanes 1990. Visit of Her Majesty, Queen Beatriz of the Netherlands

1995. Meetings of the European Round Table, Paris

8 1998. Visit of the President of Hungary, Dr. Árpád Goncz

Reception of His Majesty, King Juan Carlos Visit of His Majesty, Visit of Fidel Castro, President of Spain in the Stock Exchange Palace, in Porto Prince Fouad Filali of Morocco of the Republic of Cuba

Américo and Maria Fernanda Amorim at a reception in the Stock Exchange Palace, Porto, 2011. Visit of the President of the Republic, during an official visit of Her Majesty, Queen Elizabeth II of England Cavaco Silva, to the Albertina Ferreira de Amorim Foundation

9 AMORIM NEWS The period of the

“Américo Amorim will go Portuguese revolution down in the history of the Portuguese economy (...) he brought the name of Portugal In around 1972, Américo Amorim began to buy estates to the entire world, through in the Alentejo region. Following the 1974 Revolution, and cork stoppers and the cork after Vasco Gonçalves’ Provisional Government created industry”, Cavaco Silva, an intervention zone within the policy of Agrarian Reform, former President of the 3,000 hectares of his land were expropriated, and handed Republic and Prime Minister over to the Collective Production Units. But in 1975 he continued buying land in the region, from landowners who were frightened with the direction that the situation “Américo Amorim’s was taking. contribution to the development of private initiative in Portugal (...) is an example for all Portuguese entrepreneurs”, Nuno Botelho, chairman of ACP (Porto Commercial Association)

“Américo Amorim will continue to shine in our memories for many centuries because he was a unique figure and a model as an entrepreneur and exemplary citizen ... he knew how to place his qualities at the service of the community and completely transformed the Portuguese cork industry, making it a world leader”, Emídio Sousa, Mayor of Santa Maria da Feira

It often takes courage to break with History. Américo Amorim

10 During this period, the Portuguese Speech at the official investiture of the Curiosities of a busy State also tried to implement a plan to Consul of the Republic of Hungary in 1989 control exports and imports of cork, professional life assisted by a Soviet delegation whose head officer was a Muscovite He always made a point of being called bureaucrat, called Zamiatin. Once Mr. Américo, rather than Dr. Américo, since he was proud of his humble again Américo Amorim’s experience origins. Without higher education in Eastern Europe and his diplomatic studies, his profile as a leader and skills helped resolve the situation. He visionary was that of someone for contacted Zamiatin on two occasions whom a commitment to innovation and persuaded him to drop his and highly qualified human resources attempt to place the Portuguese was the formula that made it possible to increase competitiveness. State in charge of cork exports to Amorim created logistical support Eastern European countries. services for diplomats from the For many years he went to the Eastern European embassies that company canteen to dine with his The diplomatic mastery opened in Portugal soon after the employees, and knew them all by with which Américo Revolution, in order to assist them name. In March 2015, during a visit to during their stay in Portuguese one of his factories in Ponte de Sor, Amorim dealt with the territory. Even the leaders of the by the then President of the Republic, period of instability in Collective Production Units had the Cavaco Silva, Américo conducted the Portugal, between 1974 opportunity to visit the factories in guided tour in person, and presented and 1976, led to other very Mozelos and learn how they worked, the to the workers. which was very different from the He always kept the habit of walking specific actions, which speculative practices that many were also capable of through the corridors of his people claimed Amorim was companies, to check that everything serving his business responsible for. This diplomatic effort was running smoothly. objectives. made it possible to maintain regular purchases of cork from these units. Any situation that required special attention or alteration was duly noted in a notebook that he carried with him specifically for that purpose.

Over several decades he met with Fidel and Raul Castro, on several occasions, in Portugal and Cuba. When the Cuban historical leader Fidel Castro visited Porto for the Ibero-American summit in 1998, he took the opportunity to discuss the Group’s investments in the tourism sector in Cuba.

He avoided long conversations, and kept his business life and private life separate. The only exception to this rule, which set a precedent, was when he took a call during a family trip to Patagonia, which resulted in him acquiring a stake in the Portuguese oil company, Galp.

Visit by Li Xian Nian, President of the People’s Republic of China, in 1984 Amorim & Irmãos’ Canteen in 1950 11 AMORIM NEWS Expansion “Américo Amorim was one of the principal founding share- In 1977, with the help of his uncle Henrique, who died a holders of Telecel in 1991, and year later, leaving no descendants, the Amorim siblings he created the essential conditions for granting the became the sole owners of Corticeira. This led to license to the second mobile profound changes to Corticeira’s business structure. operator that soon revolution- Ipocork was created in 1978, a company dedicated to ised the way that Portuguese production of cork flooring solutions, an area that was people communicated with still underdeveloped in Portugal. This was a so-called each other. His excellent strategic investment in a constantly evolving sector. performance as the first chairman of Telecel’s General Board also revealed his com- mitment ... he made a decisive contribution to the country’s development and, in particu- lar, to the undeniable progress of the telecommunications sector”, Vodafone Portugal

“When writing the economic history of Portugal in the twentieth-century and early twenty-first century, Américo Amorim will appear on the first pages of the principal chapters, as one of our greatest business leaders”, Miguel Cadilhe, former Minister of Finances

Opportunities appear every day. You must be mentally available to seize them. Internationalization is not about exporting, it’s about having strategic positions abroad. Américo Amorim

Visit with President Mário Soares to Morocco 12 Four years later a new company, Public deed founding the BCP in 1984 The community Champcork, was created, exclusively dedicated to the production of champagne corks and sparkling Social issues have always been a wines. As a result of the investments principal concern amongst Amorim made between the late 1970s and the Group companies. After the factory early 1980s, Corticeira was awarded fire in 1944, it was the workers Portugal’s International Quality themselves who reciprocated the Trophy in 1984. family’s affection and helped rebuild the factory. Innovators in Portugal in But to gain a fuller understanding the 1940s, the company built canteens of Américo Amorim’ inspiration and provided medical assistance for throughout the intense period of workers. In the mid 1950s, Amorim played a pioneering role, by offering the 1980s in Portugal, it’s necessary salted cod to each worker at to step back a bit in time, more Christmas, in recognition of their precisely to 1977, the year when the participation in the collective effort. decree authorizing the creation of non-banking financial companies by In the following year, With strong citizenship concerns, private individuals was enacted. The Américo Amorim created two social Amorim Group participated in the Américo Amorim, with housing neighbourhoods – one in creation of Sociedade Portuguesa de other partners, set up the Mozelos and another in Silves, to Investimentos (the genesis of the bank, BCP. On September house Corticeira Amorim’s workers. bank, BPI), which enabled it to make 4, 1984, a group of Always paying promptly, in 1967, its first cork investment abroad. everyone close to the Amorim family businessmen met at the knew that the group paid 10% more Buçaco Hotel. They had a than the amounts stipulated in the Less than a decade after collective employment contracts. the 1974 revolution, simple plan – to present a solid strategy to Ernâni This attention to the surrounding and the consequent community had been inculcated nationalisation of key Lopes, the Minister of by the family’s early generations. sectors of the Portuguese Finances and Planning, Américo’s uncle, Henrique Amorim, which would completely received the honorary title of economy, in 1983 the Commander, in April 1952, for his work private sector was transform the Portuguese in Santa Maria de Lamas, including authorized to operate financial sector. provision of infrastructures, social, educational, cultural and sporting in the banking and The group made another investment equipment. insurance sectors. in the financial sector, as a result of the creation of the Banco Nacional In recent years, the group offered de Crédito Imobiliário (BNC). This was €1 million to Mozelos parish council for construction of a nursing home. the first private institution to operate in this financial area. Unstoppable, it participated in the founding of the venture capital firm, SPR (Sociedade Portuguesa de Capital de Risco) and Ocidental Seguros, and launched a joint venture with the French group Accor for the construction of hotels in Portugal, among other business ventures.

Américo Amorim with the Minister of Public Amorim Cork Composites celebrates its 60th Works, Transport and Communications, Eng. anniversary, with António Rios de Amorim and Ferreira do Amaral at the inauguration of Telecel Eduardo Correia 13 AMORIM NEWS The new commitments

Portugal’s entry into the EEC triggered huge changes to “The entrepreneurial and many sectors of Portuguese society, including real estate, managerial capacity, the risk, with a boom in construction and high profit margins. In the solidity of the parent 1989, the Amorim Group created Inogi, together with ISM. group, the discreet way in This company was linked to several high-profile projects which the company was in Lisbon, such as the Towers of Lisbon, Nova positioned in business life, are values that should be praised or reconversion of the old Eden Theatre. and recognized by everyone”, AIP (Portuguese Industrial Association – Chamber of Commerce and Industry)

“One of the rare leaders and visionaries of Portuguese industry. A prime example of how focusing on innovation and qualified human resources is the solution to ensure competitiveness “, Sebastião Feyo de Azevedo, Rector of the University of Porto

“One of the leading figures in the business world in recent years”, Rui Moreira, Mayor of Porto

“It is not because things are difficult that we don’t dare to achieve. It’s because we don’t have audacity that things become difficult. Américo Amorim

14 In 1992 Amorim Empreendimentos Américo Amorim gives a miniature Rabelo boat to Zhang Yaocang, Vice-Chairman of the The legacy Imobiliários was launched, which built Sinopec Group Arrábida Shopping in Gaia, and With a career based on actions rather Business Park, and also built several than words, Américo Amorim’s legacy Residential Clubs, thus creating a is, above all, a myriad range of acts presence of business interests from and projects that went far beyond Porto to the Algarve. the world of cork.

Américo Amorim also left his mark His strategic vision was always based on the sectors of hotelry and tourism. on his intuition to discover new things In 1997 he formed a joint venture with and his boldness to invest in niches of Accor, which at the time was the the Portuguese market and to be able world’s largest hotel group. In 1987 he to ensure that these products had the highest possible quality, and export had already created Portotel, which The Group’s attention also focused them or maximise their potential in created the Novotel hotel chain, as the domestic market. well as Portis, which was responsible on the banks of the river Douro, more for the Ibis Hotels. Amorim Turismo specifically related to the Port wine He was far-sighted and could see was a shareholder in Estoril Casino. trade. With the purchase of the things before anyone else, with a The Amorim Group was also involved Quinta Nova of Nossa Senhora do long-lasting instinct and a will to in the Pine Cliffs project and in Carmo and Casa Burmester, in the create and build new ventures. New Vilalara, on the slope of Praia Douro region, the family acquired generations have much to learn from da Gaivota, in Lagoa (Algarve), the brands Burmester and Gilbert’s. a man who developed an international considered to be one of the world’s At the time of his death, a robust wine conglomerate that has made cork a five best thalassotherapy units. In tourism venture and a project to high-quality raw material and who dominated the industry and reached Figueira da Foz the company was produce high quality Douro wines was created, including the famous markets that gentler spirits would involved in Sociedade Figueira Praia, never have dreamed of reaching. the owner of Figueira Casino. Port wines, a work now associated to enhancement of the Quinta Nova By virtue of his prestige and sagacity, But the 1990s were also marked brand. Américo Amorim became the oldest by the rise of the so-called New member of the European Round Table of Economy. The entrepreneur’s restless In 2005 Américo Amorim advanced Industrialists, an institution that brings and visionary outlook inspired him with one of his most cherished together Europe’s most important to become involved in the launch projects, the acquisition of a stake in industrialists, leaders in various market of Portugal’s first private mobile Galp. The venture was coordinated sectors, with the aim of promoting operator. In 1991, the Portuguese by Amorim Energia which, in competitiveness and economic growth. Government opened a public tender conjunction with other partners, acquired one third of GalpEnergia’s Commander of the Civil Order of for this purpose, with major Agricultural and Industrial Merit - share capital. This decision helped participation of Portuguese economic Industrial Class, since 1983; Honorary groups and business associations. resolve a political and strategic Consul-General of Hungary in Portugal; This was one of the largest business impasse. Américo Amorim later Commander, he was distinguished with ventures ever launched in Portugal - explained that his acquisition of the the Grand Cross of the Order of Prince the foundation of Telecel (which in Portuguese oil company was based Henry the Navigator, in 2006; Doctor 2001 was renamed Vodafone), in a on his intuition and strategic vision. Honoris Causa at the North American consortium dominated by Banco This was the last major business deal university, St. John’s University, in 2009. Espírito Santo, with further stakes conducted by Américo Amorim. owned by Telepri and Air Touch. Aware of the importance of Galp to the Amorim Group, and its strategic He didn’t remain in the relevance for Portugal, Américo telecommunications sector for very Amorim was Chairman of the Board long. In 1996 he sold his stake in the of Galp Energia until October 2016, business for €100 million, having when he resigned for personal purchased his original shareholding reasons. for €15 million.

Attribution of the Grand Cross, of the Order of the Infante D. Henrique, in 2006

15 AMORIM NEWS

Our beloved father, Américo Amorim, will certainly go down in history as one of Portugal’s greatest businessmen of the 20th and 21st centuries. With a career spanning more than 60 years, he built up one of Portugal’s biggest economic groups, holding key stakes in various sectors of the economy.

He began working at an early age, In the 21st century, he revealed In every business activity - from the and dedicated much of his business tremendous audacity and courage, largest to the smallest – he always life to revolutionizing the cork when he made the investment that revealed perseverance, fi rmness, industry, through vertical integration enable the Américo Amorim Group to determination and enthusiasm, which and internationalization, which become one of the main shareholders were fundamental to his success. enabled Corticeira Amorim to of Galp. His personal dedication to become the world’s leading producer this project, inclusively serving as A deeply devoted husband, our and distributor of cork products. Chairman of the Board, was essential father was always present in the key We can proudly affi rm that our father in order to guarantee a distinct and moments of our life, and was a proud had a decisive infl uence on the independent strategy for Galp. and smiling grandfather, with his 6 development of this key business grandchildren. We will never forget sector within the Portuguese Our father thought that being his teachings and his advice, and we economy. The name Amorim is now a businessman was a true act of can face the future with confi dence. identifi ed worldwide with the cork mission. He often stated that “owning business. a company isn’t for those who want Over the last few months we have this, it’s about having what it takes”. received countless messages and During the 1980s and 1990s, he tributes in recognition of our father’s diversifi ed his business activities and He taught everyone who worked life and work and for everything he investments, expanding the group’s with him to uphold values of represented in the lives of many interests into new areas, such as real solidity, rigour and work, which people, and in the Portuguese estate, tourism, telecommunications are inseparable elements of our economy. We would like to convey and fi nance. In particular, in the corporate identity and activity today. our sincere thanks for all those banking sector he stood at the origin messages, that have meant so much of one of Portugal’s fi rst private His unique journey was marked by to us. banks, that played a fundamental role tremendous strategic vision and an in the development of the Portuguese unparalleled capacity to anticipate Thank you Dad. Until forever! economy and companies. trends.

Paula, Marta and Luísa

JUL-SEP Credits Heaquarters: Rua de Meladas n.º 380, 4536-902 Mozelos VFR; Property of: Grupo Amorim; Co-ordination: Joana Martins; Editorial: ATREVIA; Publishing: Grupo Amorim; Design and desktop publishing: ATREVIA; Printing and Binding: Lidergraf – Artes Gráfi cas, S.A.; Translation: Expressão, Lda, English translation: Sombra Chinesa Lda; Distribution: Iberomail Correio Internacional, Lda.; Packaging: Porenvel Distribuição, Comércio e Serviços, S.A. Periodicity: quarterly; Issue: 22 000 copies; Legal Deposit: 386410/15