A group of managers from Sidenor, headed by its CEO, the Bilbao Jose Jainaga, has bought the company from the parent company, the Brazilian Gerdau.
Through a note, Gerdau explained that the value of the transaction is 155 million euros, with the possibility of increasing the amount up to another 45 million at the end of five years, depending on the future development of the business. The buying group is called Clerbil.
“Faced with the global challenges of the steel industry, we are seeking to generate more market value and increase the competitiveness of our operations while keeping indebtedness under control,” he stated. In this context, the sale to the Spanish division is being carried out so that Gerdau can focus on its most profitable companies “, Gerdau’s director-president (CEO), André B. Gerdau Johannpeter, has indicated.
For his part, Jainaga, director-president (CEO) of Clerbil SL, has assured that he understands “Gerdau’s decision to focus on the markets with the highest returns” and has appreciated its commitment over 10 years.
The sale and purchase agreement was signed this Friday and the operation, which must be analyzed by the competition authorities, is expected to be completed before July.
The company will once again operate under the Sidenor brand. In principle, according to Gerdau itself, a “quick” transaction is expected because Clerbil is made up of executives who already work in the company and because Sidenor already operated “practically independently” from the rest of the multinational.
Gerdau states that is not aware of plant closures or layoffs after this operation and adds that most of the other offers, in particular those of European producers, contemplated plans of “deep restructuring”.
Gerdau put Sidenor up for sale in October. Since then, a group of Basque companies (Cie Automotive, Aristrain, Tubacex, Gestamp and the Velasco group) tried to take over the company, but the Brazilian parent rejected the offer.
Sidenor has 1,500 workers in its six factories in the Basque Autonomous Community (CAV); the majority (900), work in the plant Basauri. In addition, there are five other units in Vitoria-Gasteiz, Legutio, Azkoitia, Soraluze and Legazpi.
The Basque Government speaks of “excellent” news
The Basque Department of Economic Development and Competitiveness of the Basque Government has described the purchase as “excellent”, because “it provides stability with regard to the continuity of the activity”.
Speaking to Europa Press, sources from the Department headed by Arantxa Tapia congratulated themselves that the new owners of Sidenor are local investors “of reference with a long history, who transmit confidence due to their commitment and commitment to the Basque Country.”
Finally, they have valued that the transaction takes place at a time that is “especially complicated for the steel sector and that is going through difficulties known to all in the Basque Country”.
Provincial Council of Bizkaia: “great opportunity”
Diputación de Bizkaia has considered “very good news” that a group of Basque executives has acquired its plants in Spain from the Brazilian multinational Gerdau, which will once again operate under the Sidenor brand.
“This is a great opportunity to anchor the steel sector in Euskadi, a key sector for the country and for Bizkaia, taking into account its impact in industrial and employment terms”, sources from the Biscayan Provincial Council have pointed out.
The regional executive also highlighted that this operation “also allows for the recovery of an industrial decision-making center for Bizkaia” thanks to the “commitment of these Basque professionals to the industrial impulse and to the establishment of companies and their decision-making centers in Bizkaia” .