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IZAR and CNN sign the private contract for the sale of the shipyard Astillero de Sestao

Press release SEPI

IZAR Construcciones Navales, S.A. en Liquidación and Construcciones Navales del Norte, S. L. have signed today the private contract for the sale of the assets of the Astillero de Sestao.

This signing fulfills the resolution adopted on July 18th, by the Board of Directors of the state-owned holding company Sociedad Estatal de Participaciones Industriales (SEPI), which authorized IZAR´s Liquidation Commission to award the factories of Sestao, Gijón and Seville. During August, IZAR subscribed the sale contracts of the Gijón´s assets, with Factoría Juliana, S.A., and those for Seville, with Astilleros de Sevilla, S.A.

The award of the Manises factory was delayed due to the fact that the European Commission, as a result of the continuous surveillance of the process which it has kept, asked for further clarifications regarding the bid as a result of the doubts raised about its compatibility with Community law.

This sale of IZAR´s assets meets the objective of the Framework Agreement subscribed on December 16th, 2004 among SEPI, the Company and the trade unions, of maintaining the activity and guaranteeing the present and future feasibility of those production facilities. The European Commission, when giving its backing to the Plan for IZAR which was included in the Framework Agreement, required to IZAR´s Liquidators to carry out the sale of the civil shipyards according to the criteria set up by Community law, that is, according to market terms and conditions, fully respecting the transparency, competence of the process, and without any predetermined term and conditions.

Construcciones Navales del Norte

Construcciones Navales del Norte (CNN) is made up by Astilleros de Murueta, Inversor para el Desarrollo de Iniciativas Empresariales, Marlon 25, Iniciativas Navales del Norte and Naviera del Nervión. The products which CNN aims to develop in Sestao include a wide range of merchant ships, both those built on this shipyards in the last few years (LNG, dredgers and shuttles) as well as containerships and ships specialized in the shipping of products. Equally, it envisages to maximize the collaboration with other companies in engineering, in ´partnership´ relations, and to carry out a significant investment effort in its own technology and R&D, besides contemplating the signing of new contracts.

The transfer of IZAR´s assets to the Buyers will take place once the Council of Ministers authorizes the sale deal, after the Consultative Board of Privatizations (Consejo Consultivo de Privatizaciones) issues its report about the transaction.

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