Privatisation and industrial plan for Babcock & Wilcox
Ippubblikat: 27 May 1998
In early 1998, trade unions have asked to participate in the drafting and negotiation of the industrial plan for Babcock & Wilcox Española, a publicly-owned Spanish company which is to be taken over by the Norwegian multinational Kværner.
Download article in original language : ES9805254NES.DOC
In early 1998, trade unions have asked to participate in the drafting and negotiation of the industrial plan for Babcock & Wilcox Española, a publicly-owned Spanish company which is to be taken over by the Norwegian multinational Kværner.
The State Industrial Shareholdings Society (Sociedad Estatal de Participaciones Industriales, SEPI) has selected the Norwegian multinational Kværner as the only candidate to take control of the publicly-owned Spanish company, Babcock & Wilcox Española, which manufactures electrical machine tools. In early 1998, Kværner submitted an industrial plan to give technological, commercial and financial support to consolidate the position of Babcock, which registered losses of ESP 6,700 million in the last financial year.
The aim of the Norwegian multinational is to transform Babcock into a general market operator through the diversification of its production. This multinational already owns in Spain 55% of Mecánica de la Peña, which is a competitor of Babcock. Kværner operates in 100 countries and has a workforce of 80,000 worldwide, which indicates its importance.
However, the trade unions have asked SEPI to retain part of the public shareholding, to maintain strictly the current production structure and to preserve the independent legal entity of Babcock. The unions also wish to participate in and negotiate the company's industrial plan. Babcock has had great symbolic significance for the Spanish trade union movement since the 1960s.
The privatisation of Babcock forms part of a vast plan to privatise public companies, which was started by the Socialist Party and has been continued and accelerated by the current People's Party (Partido Popular) Government (ES9707117N). The Conservative Government's project is to dispose of all the state's industrial shareholdings by 2000, except for shares in the mining company Hunosa. In the last few months shares of important companies such as Endesa (energy), Santa Bárbara (armaments) and Iberia have been put on sale. Some 10% of Iberia will be sold to American Airlines and British Airways, and its privatisation is expected to be completed by the first quarter of 1999. The acceleration of the privatisation policy has been criticised by the trade unions and by some opposition parties.
Il-Eurofound jirrakkomanda li din il-pubblikazzjoni tiġi kkwotata kif ġej.
Eurofound (1998), Privatisation and industrial plan for Babcock & Wilcox, article.
