By Victoria Moores in London
Spanish aeronautics and energy group Gamesa Corporación Tecnológica is to raise €45 million ($56 million) from the disposal of its aerospace unit Gamesa Aeronáutica to a consortium led by Spanish savings bank Caja de Ahorros de Castilla La Mancha (CCM).
Former Gamesa chief executive Juan Ignacio López Gandásegui is also involved in the acquisition consortium.
After entering exclusive negotiations with CCM at the end of last month, Gamesa says that it has “concluded a deal” for the sale of all of the shares in Gamesa Aeronáutica. The €45 million sale will lead to a “significant reduction” in Gamesa’s roughly €315 million worth of debt.
The purchasing consortium has been established through Synergy Industry and Technology, of which CCM is the majority stockholder, and López.
Members of the Gamesa management team are also Synergy Industry and Technology shareholders, although the firm says it expects to incorporate “other significant institutional stockholders”.
“The goal of Synergy Industry and Technology is to strengthen and develop the company so as to consolidate its position as Spain’s leading designer and manufacturer of aeronautical structures, making the most of the opportunities for participation in new aeronautics programmes,” says Gamesa.
Gamesa Aeronáutica employed around 2,650 staff at the end of the 2005 tax year. The unit, which develops and manufactures aircraft sections, parts and components, invoiced for a total of €313 million in 2005 and generated generated earnings before interest, taxes, depreciation and amortisation of €33 million.
Source: Flight International
