EU approves acquisition of Condesa by consortium
The European Commission has given the green light to the acquisition of Spanish group Condesa by nine Spanish financial institutions and ArcelorMittal, after checking that the operation is in line with the Community rules on mergers. The EU executive said in a statement “The Commission has concluded that the proposed acquisition does not involve competition concerns because it would significantly change the market structure.”
ArcelorMittal and a group made up of Banco Bilbao Vizcaya Argentaria, Banco de Sabadell , Banco Santander, Banco Popular Espanol , Bankia, Caixabank, Bankinter caja , Caja Rural de Navarra and Kutxabank to jointly acquire steel tube maker Grupo Condesa
The Condesa small group produces welded carbon steel.
Brussels examined the transaction through a simplified procedure, which applies when, a priori, that the transaction will not lead to competition problems in the European Union.
History
In 1954 the present Grupo Condesa (Conducciones y Derivados S.A.) was founded in Mondragón (Spain), focusing its activity manufacturing steel tubes.
In 1972 Condesa Fabril was created in Legutiano (Spain).
In 1985 Tubos del Mediterráneo (Tumesa) (Spain) was created.
In 1992 Usinor joined with shares in Condesa and introduced Tubos del Celrá (Spain) to the group.
Conducciones y Derivados, S.A. (Condesa), was established as the “holding” company –among other companies- of 3 manufacturing companies (Condesa Fabril, Tumesa and Tubos de Celrá).
In 1997 the Group invested heavily to develop structural tubes at its Condesa Fabril, Tumesa and Tubos de Celrá facilities.
In 2000 Condesa Comercial 2000 (Spain), was founded it includes the whole international and national commercial network.
In 2004 Condesa Central Financiera (Spain) was founded. In 2007, it chaged its name to Condesa Central Compras.
From 1992 until 2004 Condesa was associated with Arcelor. In 2004 Condesa bought Arcelor’s tube manufacturing plants in Europe, Arcelor Tubes and Aceralia Tubos: Perfil en Frío (Spain), Zalain Transformados (Spain), Mieres Tubos (Spain), Alessio Tubi (Italy), Longtain (Belgium), Tubes de Fresnoy (France), Lorraine Tubes , ex-Tubeurop and ex-Exma Production, (France), SRW (Germany), Industube (Morocco). The group has now become leader of the European Market for carbon welded steel.
In 2005 Condesa Sistemas de Información (Spain) was created.
From 2004 to 2007 the group was owned 100% by property of the Iribecampos / Uribarren family.
Today, Grupo Condesa is made up of 12 manufacturing companies (in Spain, Italy, France, Belgium, Germany and Morocco), 4 general service companies (in Spain), 20 sales offices (in Spain, Italy, France, Belgium, Germany, Portugal, Sweden, Netherlands and United Kingdom), 3 sales agents (Gran Canaria, Ireland and Switzerland).
In total, Grupo Condesa has 2200 workers.
The Group has 2,628,171 m2 of production plants, of which 719,262 m2 are buildings.
The Group produces 1.6 million tonnes / year.
It has a 20% share of the European market.
Its market share in Spain stands at 37%.
Its current turnover is 1000 million euros/year.
Source : Strategic Research Institute