Silvia Naishtat
03/16/2021 18:30
Clarín.com
Economy
Updated 03/16/2021 18:30
In what is a sign of these political times, Impsa, which leads in turbines and components for highly complex engineering works, decided to
offer some US $ 20 million in shares of the company to the State and the government of Mendoza.
Impsa, with 720 professionals who are its technological heart, is the main company in Mendoza, which saw it born in 1097.
Those who closely follow the issue warn that
both the national and provincial governments
are
willing to buy these shares
.
This time
the political rift with the radical government of Mendoza
is
transcended.
Asked if it is a nationalization, it is indicated that it is an
expansion of the state participation
that has one of its main banks, the Nación, as the largest creditor of Impsa.
In fact, the Nation
appoints the president of the company.
"It is something that states do when companies are competitive. Impsa is strategic for Argentina," commented close to one of the creditor banks.
During the Shareholders' Meeting held this afternoon virtually, the two trusts, one of its founders,
the Pescarmona family with 35%
and the other with its main creditors, voted unanimously in favor of the issuance of about US $ 20 million new shares to capitalize the company and bet on its growth.
The creditors are the aforementioned Banco Nación, Bice, BID and the bondholders under the leadership of the Chilean group Moneda.
"The proceeds will be used to rebuild its working capital. This will allow the Company to consolidate its operation in Argentina and return to compete in the markets it has led for decades, exporting 85% of its products to Asia, Europe, Africa and the Americas. , and generate the foreign exchange that the Argentine economy needs, "said a statement from the Assembly.
By the way, the percentage of participation of the government of Mendoza and the State
will depend on the number of shares they decide to subscribe.
At the Assembly, the shareholders decided not to exercise their right of first refusal to subscribe for the new shares.
The reasons were not reported.
Juan Carlos Fernández, CEO of Impsa, highlighted that the debt restructuring was completed last November, "leaving IMPSA with a very sustainable and long-term debt, with first interest maturities in 2025 and capital in 2028."
Last year they were able to
pay a maturity of US $ 150 million and stretched the rest to 2028 with a rate of 1.3% per year.
There was a capitalization by its creditors and the debt was US $ 70 million.
Impsa is executing contracts for hydroelectric, nuclear, wind and solar plants and equipment for the oil and gas industry.
Today it designs and manufactures the new turbines for the Yacyretá Hydroelectric Plant, the wind turbines for Parque Arauco (La Rioja), equipment for the El Tambolar Hydroelectric Plant (San Juan), for YPF and the manufacture of the first Argentine nuclear reactor for power generation , CAREM, among the main projects.
In turn, it has projects in Latin America, the United States, India and Southeast Asia.
Impsa began with serious problems in 2014 when, after landing with wind farms in Brazil, one of the "sister" companies established for that project left it as an
inheritance a debt of US $ 850 million at rates of 8.5% per year.
The firm started as a metallurgical industry in Mendoza hand in hand with Enrique Epaminondas Pescarmona.
His son Enrique, who often dispenses with political correctness, set a high bar when he was appointed CEO in 1960 and focused on
overhead cranes, turbines, telecommunications systems and wind farms
.
Since it went out into the world in 1981, it has completed 150 projects in 40 countries and in 2008 it had 7,000 employees.
Since 2018, already with its new owners, it has resorted to professional management.
Its president changed just a month ago and he is Macelo Kloster.
