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SEPI calls off the privatization process of the company ETM from Burgos

27/10/2006
Press release SEPI

The Board of Directors of the state-owned holding company Sociedad Estatal de Participaciones Industriales (SEPI) has decided, in the meeting which it held today, not to proceed with the privatization process of the company ETM, as it estimates that the binding offers submitted do not adequately meet the requirements regarding both the price and the industrial plan.


Equipos Termo-Metálicos, S.A. (ETM) is a company wholly-owned by Grutisa -which in turn is wholly-owned by BWE-, and it is located in Burgos, with a 64-strong workforce and which has recorded losses in the last few years. Its activity is the manufacture and sale of encased heat interchangers and piping, as well as the manufacture, as an ancillary activity, of reactors for the chemical industry and for nuclear power stations.

The announcement of ETM¿s privatization process was published on January 11th, 2006. Up to thirteen companies showed their interest in the Company and submitted the information required for taking part in this process. Six of them submitted a non-binding offer and had access to the detailed information about the Company. Finally, only two submitted their binding and final offer.

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