In 1921, the company was transformed into a Spanish limited liability company in order to continue the business of Erhardt & Co GmbH. The firm E. Erhardt y Cía. Ltda. was established before the Bilbao notary, Mr. Celestino María del Arenal.
The company had its registered office in Bilbao and operated branches in Santander and Barcelona. Both the Spanish Civil War (1936–1939) and World War II (1939–1945) forced a pause in the company’s activities, leaving it in an economic recession that lasted until 1947.