With this participation, the Gasteiz Executive guarantees his presence on the Board of Directors of the company. ITP Aero is a world leader in the aerospace and industrial engines market and has several factories in Bizkaia.
The Basque governmenthas, through the Finkatuz fund, managed by the Basque Financing Institute, a investment agreement to be part of the shareholders of ITP Aero, along with Bain Capital. “The main goal is to ensure and support the industrial and business project of the aviation company in Zamudio,” the Gasteiz Executive said in a note.
According to the agreement reached, the Basque government will 6% interest at ITP Aero, that its presence in the Board of Directors. “With this business operation at ITP Aero, we want to take advantage of an opportunity to be present in the shareholders and on the board of directors of one of the leading companies in the aviation sector at the European level, and to promote an industrial project that prioritizes corporate roots in the area and to protect and promote the creation of quality employment with a distinctly industrial character,” the note adds.
With this operation, the Basque Executive assures, it aims to support the implementation of ITP Aero’s new growth plan based on “ambitious investment planning and commitment to new technologies and R&D”.
“There is a clear opportunity for cooperation, generating new businesses and joint projects with companies in the area, and especially for SMEs supplying the aviation sector,” the note concludes.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
