The early 70’s were marked by the oil crisis and the effects on Cefla were just as bad as they were on the domestic economy. Turnover at the end of 1975 was 35% below expectations and for the first time in the company’s history, apart from the year which ended World War Two, 1945, it was the first time the books were in the red.
To deal with the difficult economic situation, the Board of Directors decided it was necessary to appeal to the pride of the members of the cooperative. In 1974 the minimum pro capita cooperative subscription fee had been raised to 4 Million Lira. Now it was decided to encourage social lending to the company in order to reduce the need to approach banks which were asking 20% interest rates.
1976 marked a return to positive results thanks to an economic recovery with a GDP running at 6%. Solidarity from within the Movimento Cooperativo Imolese also helped substantially. In particular the support from fellow cooperative companies such as PEMPA, AURORA and SIGI.
The start of the 21st century was also marked by a turbulent and global crisis; perhaps the deepest crisis of the modern era with countless repercussions that are still felt today. And as in the past, Cefla has got over that crisis today, able to count on the solidarity of the people who work in the company, their determination and the strength of working together. #WeAreCefla
