Izar goes private

The long drawn out privatization process of the Spanish shipbuilding company IZAR was finalized yesterday when the state-owned holding company Sociedad Estatal de Participaciones Industriales (SEPI) announced the sale of the shipyard facilities in Sestao, Gijon and Seville. Industry reports state that the buyers are private interests including the Danish shipping company Clipper Group.

The sale excludes the engine builder Manises in Valencia following concerns raised by the European Commission (EC) over hidden state subsidies.

The privatization comes to an end amid the protests of the employees despite the Spanish president’s call for calm last Friday. According to the SEPI, the sale of the assets is the only way to maintain the military and civil activities and employment. Employees reject IZAR’s May agreement and unions reject the separate sale of the shipbuilding facilities.