February 28, 2021

Alcoa and Parter reach an agreement in principle for the sale of the A Coruña and Avilés plants

Alcoa and Parter have reached on Monday a principle of agreement for the sale of the plants of A Coruña and Avilés (Asturias), while the process of the ERE is extended again until July 31 in order to seal the seen good.

This has been agreed at the meeting held this Monday in Madrid, which has produced a "rapprochement" of positions between Alcoa and Parter regarding the financing to be able to continue working in the coming days and to close the agreement. definitive sale.

In the Ministry of Industry, Commerce and Tourism has confirmed the principle of agreement through the acting Secretary General of Industry, Raul Blanco, who has attended the meeting in a Madrid hotel next to Alcoa, Parter, the unions, the works council, the Ministry of Labor and the Governments of Galicia and Asturias.

"There is a principle of agreement between Alcoa and Parter to establish the type of guarantees and to work from here until July 31 to have them underway," said Blanco, who added that the pre-agreement will be moved to a contract this week.

It has advanced that this week the sale would be completed and during this month work would be done to make the conditions that were put in the framework of this operation a reality.

Blanco has assured that the negotiation for the sale of the two Alcoa plants is at a "more positive" point than it was this morning. Likewise, he pointed out that the negotiation is progressing and that from the ministry they expect it to be closed "with a sale that guarantees the industrial and labor future of the two plants".

Blanco has also indicated that the two companies, Alcoa and the Swiss fund Parter, are solving the "stumbling block" of financial guarantees. "We are always optimistic and we have been betting since October to resolve this situation, and in this we are going to work in the coming hours so that this is the case and the progress that has been made today has been confirmed," Blanco pointed out.

Last Friday, Alcoa temporarily halted the sale of the plants and it was decided to extend the ERE process until July 8, after mediation by the Ministry of Industry, Commerce and Tourism, which is now being extended until the end of the month. The US multinational conditions the signature to submit the necessary financial guarantees by the Swiss fund.

The company transferred its discrepancies on the liquidity that Parter will deliver to maintain the workload, since it would only have proposed liquid assets for the maintenance of the activity in both plants.

Alcoa demanded to Parter "financial guarantees that contribute greater liquidity", and that would suppose about 30 million dollars (some 26.7 million euros), they indicated to EFE sources close to the conversations. Alcoa, which announced its new requirements to Split two days before the expiration of the deadline for the sale of both plants (June 30), accepted an eight-day extension to continue negotiating and for Parter to explain its financial solvency.

Parter had guaranteed 250 workers in each of the factories – compared to the 317 that the Avilesina plant has and the 369 in Coruña – which could increase if the electrolysis series starts.

. (tagsToTranslate) Alcoa (t) Parter (t) Coruna (t) Aviles (t) Asturias

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