Before creating the first co-operative, Arizmendiarrieta spent a number of years educating young people about a form of humanism based on solidarity and participation, in harmony with Catholic social teaching, and the importance of acquiring the necessary technical knowledge. In 1955, he selected five of these young people to set up the first company of the co-operative and industrial beginning of the Mondragon Corporation.[4] The people were Usatorre, Larrañaga, Gorroñogoitia, Ormaechea, and Ortubay, and the company was called Talleres Ulgor, an acronym derived from their surnames, known today as Fagor Electrodomésticos.