The Government comes to the rescue of three companies for 95 million euros


Madrid

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The Council of Ministers once again uses the fund for strategic companies, granting 95 million to Airtificial (34 M), to Serhs Group (34 M) now Reinosa Forgings & Castings (27 M). According to the Government, the three new operations, “have been previously approved by the managing council of the Fund to Support the Solvency of Strategic Companies, after an exhaustive and rigorous process of analysis of the economic and legal situation of both companies, of the impact they have had. suffered by Covid-19 and the viability plans they have presented, as well as their evolution perspectives and the guarantees provided to ensure the return of the temporary public financial support that they will receive.

By parts, the government justifies the aid granted to Airtificial, due to its «relevant strategic nature within the industrial sector, developing robotics and artificial intelligence solutions for the automobile sector, component manufacturing and provision of engineering services for the aerospace sector and for the water and renewable energy infrastructures ”.

The Group with business lines in the fields of robotics, the aerospace sector and civil engineering, had 810 employees before the pandemic. This aid will be channeled through a participatory loan for an amount of 17.34 million euros and an ordinary loan for a total of 16.66 million euros.

In the same way and with the same amounts, 34 million, through a participatory loan and another ordinary, will receive the Catalan group Sehrs, SEPI aid. In this case, the Executive motivates the aid to the relevance of the company in the four channels where it operates: distribution, hotels (more than 1,000 rooms), food and services, with a turnover in 2019 of 268 million euros and more than 2,400 employees.

Specifically, the Executive highlights this last line of business that «provides essential services related to the management of catering for groups, fifth-range food and events. This division, essential due to the difficulty of quickly replacing its services, serves more than 240 centers (schools, residences, hospitals and prisons), preparing more than 30,000 meals per day, which represents more than seven million meals per day. anus”.

In the case of Reinosa Forgings & Castings SLU, (formerly Sidenor Forgings & Castings), the total amount of the aid amounts to 27 million euros and will be channeled through a participating loan for the amount of 13.77 million euros and an ordinary loan for the amount of 13.23 million .

For the Government, «Reinosa is a critical supplier for the supply chain of industrial activities worldwide, since it supplies crude industrial steel and parts that are vital to keep the supply chains operational in power generation, mining , the steel industry and the naval sector ”.

The company divides its business lines between ingots, commercial forgings, castings, forgings, crankshafts and cylinders, for which it employs 528 workers.

Only 15% of the fund has been distributed

In this way, the Government reaches its tenth rescue after a year and a half of use of the fund for strategic companies that manages the SState Society of Industrial Participations (SEPI). So far it had only approved requests for Air Europe for 475 million; the one also participated by Globalia, Avoris, by 320; that of Hard Felguera (120), Plus Ultra (53), Assembled Pipes (112 million euros), in addition to that of Rugui Steel (25 million) and the hotel group Hotusa (241 million). With these last three redemptions, the total coverage of the fund for strategic companies reaches 1,441 million. Only 14% of the 10,000 million available to the mechanism.

Finally, this temporary measure to support the economy will be extended until June 30, 2022, as has also been approved today in Minister council, after the European Commission gave the green light last week to the extension of the support mechanisms to the community economies.

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