Board of the Fund for Supporting the Solvency of Strategic Companies under the management of the State Company for Industrial Participation (SEPI) approved injection of 34.5 million euros to the metallurgical group Ferroatlántica, Spanish company, 100% subsidiary of Ferroglobe PLC. As detailed by SEPI on Tuesday in a statement compiled by Efe, of this amount, 17.6 million is an equity loan, and 16.9 million is others are ordinary.
The operation, which now needs to be approved by the Council of Ministers, has been authorized after “exhaustive and thorough” the process of analyzing the economic and legal position of the company, the impact it has experienced on the coronavirus, the viability plan that the group presented, assures SEPI. In addition, it says that he took into account the development prospects and the guarantees provided to ensure the return of the temporary state financial support that he will receive.
In this regard, it is indicated that, as of December 2019, The units that benefited from this injection of funds employed 338 people in Spain. including factories Bu (Cantabria), Sabon (Galicia) and general services. Ferroglobe has more than 25 manufacturing centers around the world. total 3400 specialists, of which about 600 live in Spain.
Grupo Ferroatlántica is one of the world’s largest manufacturers metallic silicon and ferroalloys based on silicon and manganesehas customers worldwide in markets such as solar, automotive, consumer products, technology, construction and energy, according to SEPI itself.
Its industrial activities range from quartz mining to two mines in La Coruña, for the production and sale of metallic silicon and ferroalloys, which are produced in its Spanish factories. SEPI also influences his application to justify the convenience it is a public rescue in which Ferroatlántica It has notable roots in the territories where it was created and where employment and its impact on the regional economy give it a strategic character.
In addition, the group’s plants in Spain, with the support of its research center located in Arteijo (Coruña), are engaged in innovative projects in the development of advanced and sustainable technologies. Solvency Support Fund Strategic companies It aims to protect economic activity and employment while the impact of the pandemic continues, and is one of the tools to support the economy that the government has launched with up to 10,000 million euros.
So far, it has approved assistance for Air Europe (out of 475 million), Rough Felgera (120 million) Plus-Ultra (53M), Avoris (320M), Tubos Reunidos (112.8M), Rugui Steel (25.03M), Hotusa (241M), Artificial (34 million), Grupo SERHS (34 million), Reinosa Forgings&Castings (27 million), Losan (35 million)Boutique hotels in Soho (30 million) and Grupo Abades (29.3 million).
Approval is also pending for the 340 million Técnicas Reunidas rescue, an operation that SEPI assures is ready and awaiting approval from its Governing Council and then the Council of Ministers. So far, the Council of Ministers has approved an injection of $1,536.13 million, which is 15.36% of 10,000 mln. with which this fund, established in July 2020, is endowed.
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