The Diplomat
The State Company of Industrial Holdings (Sociedad Estatal de Participaciones Industriales, SEPI) announced yesterday the granting of a 340 million euros bailout to the engineering firm Técnicas Reunidas in view of its “strategic character” as “a leading Spanish company in the design and construction of industrial plants in the energy sector”.
In a communiqué, SEPI informed about the completion of the analysis for granting the rescue to Técnicas Reunidas, which had requested a loan of 290 million euros in July 2021. The injection of public funds will be carried out through an ordinary loan of 165 million and a participative loan of 175 million.
“In the next few days”, the bailout will be submitted to the approval of the Management Board of the Solvency Support Fund for Strategic Enterprises -which is managed by SEPI- and, subsequently, to the authorization of the Council of Ministers, continued the state-owned enterprise. The Fund – which is endowed with 10 billion euros – has already established the terms and conditions for granting this financing after “a rigorous, exhaustive and guaranteeing work, strictly following the regulations which govern this financing instrument”, it added.
“In the processing of the file it has been taken into account the strategic nature of the Grupo Técnicas Reunidas as a leading Spanish company in the design and construction of industrial plants in the energy sector”, assured SEPI. “With a presence in more than 50 countries, Técnicas Reunidas has a workforce of around 7,000 professionals, of which more than 4,000 in Spain”, it pointed out.
In any case, the amount granted will exceed the figure of 290 million euros in financial aid which the Company itself had estimated necessary when it decided to avail itself of this fund, in July 2021, in view of “the long duration and depth of the pandemic” and after recording losses of 164 million euros in the first half of last year. Last week, Técnicas Reunidas announced the appointment of its former CFO, Eduardo San Miguel, as CEO. Juan Lladó, who took over from his father, former minister José Lladó, in mid-2020, remains as executive chairman.
