For about a century Grifols family built an empire blood banks with the support of people who donated blood in search of quick money. Now, after four generations of griffins at the helm, the family business is in the hands of the company’s former executive chairman, Thomas Glanzman.

Change of company management medicines And chemical substances it marks the end of a chaotic period in which blood plasma supplies dwindled due to the pandemic and worries about the company’s debt prevailed. During this time, the wealth of the Spanish billionaire has decreased by at least 50% since the beginning of 2020 and stands at $ 1.6 billion, mainly due to a 35% stake in the company.

By bringing in a non-family CEO, the company is trying to shore up its balance sheets and lift shares that have fallen 40%. This came about as a result of downsizing and ongoing acquisitions in the US and Asia, which led to an increase in its debt. Profits fell to $204 million last year from $690 million in 2019.

The foundation of the group was laid in 1909 when José Antonio Grifols Roig set up a blood test laboratory in Barcelona shortly after completing his medical degree. He first used rabbit and guinea pig cages for his experiments.

In 1940, he and his sons founded a successor company that developed vaccines and blood transfusion methods for people affected by the Spanish Civil War and isolated around the world by Franco’s dictatorship. His sons developed methods to allow people to donate blood without side effects. With the third generation of Grifols, the company has been able to expand worldwide.

The Spanish pharmaceutical and chemical company is heavily dependent on the US, one of the few countries where people donate blood for a fee.

The company that created the first private blood bank in Spain in 1945 is heavily dependent on the US, one of the few countries where people donate blood for a fee. Significantly, the US supplies nearly two-thirds of the plasma available to the entire world.

With approximately 400 plasma centers in the US, Canada, Europe, China and the Middle East, Grifols now has one of the largest networks in the world. Before the company announced a cost-cutting plan this year that closed 25 centers in the US, the company had about 300 blood donations nationwide.

In fact, in 2021, Grifols and rival CSL opposed a US government ruling that banned Mexicans from crossing the border to sell blood. The company estimates that after the ban is lifted in September, it will collect 1 million liters of blood only in centers near the southern border of the United States.

Although the company no longer has a family member, the Griffons will benefit greatly if the company recovers. If the goals are met, 220 employees, including the two family members who previously managed them, will be able to buy 4 million shares at 8.96 euros each, and their value exceeds 11 euros.

Overall, however, the entire family has received at least $300 million in dividends over the past two decades, with which it has been able to expand into real estate and private equity.

Of course, they do not guarantee the return of the property of the family or company itself. “Like all family businesses, a family can build it and then tear it down. Grifols are no exception to this rule,” Javi Brun, senior executive director at consultancy Trea Asset Management, told Bloomberg.