The managing director of Sidenor, José Antonio Jainaga, signed a transfer of participations agreement on November 9th. According to this agreement, SODERCAN will adquire 24.9% of the equity capital of the new Company, SIDENOR Forgings & Castings S.L.
This agreement aims at ensuring employment stability and the necessary investments for the modernisation of technology and the competitiveness of Reinosa Works.
SODERCAN will thus acquire shares amounting 15 million euros in the new Company.
J. Jainaga said that this agreement “will greatly benefit the factory, its workers, Reinosa and the region” and thanked the Autonomous Community of Cantabria for its commitment to the future of the factory.
SIDENOR’s commitment includes, among its most notable points, job maintenance in Reinosa Works for the next three years (whose staff is currently higher than the one agreed on) and investments in Reinosa amounting to 4.5 million euros: 3 million euros in SIDENOR Forgings & Castings S.L and 1.5 million euros in Reinosa’s rolling section.