Iraeta Wind (GRI) acquires TS Fundiciones

• The company, part of GRI Renewable Industries, has submitted the best offer
• The company expects to reach a figure of more than 120 employees in the first 5 years
• GRI has become one of the components of the wind energy sector leaders, expanding its product portfolio of wind towers, wind flanges and wind hubs and mainframes.

WEDNESDAY, May 27, 2015. Following the auction held yesterday by the Commercial Court No. 1 of San Sebastián, Iraeta Wind has been awarded TS Fundaciones, exceeding by more than 25% the sum offered by other competitors.

With this operation, GRI extends and completes its value chain in the field of production

of components for the wind industry. The plant will be used for the production of wind power components but activities of die-making and die forming can be also performed.

In the words of Javier Imaz, CEO of GRI, “GRI has proven to be the best industrial project

and the best financial offer”. He added, “This award confirms the company’s commitment to Guipuzkoa, as it is the second investment after the acquisition of Forjas de Iraeta in 2011 “.

GRI has shown interest in acquiring TS Fundaciones since the beginning of the liquidation process. GRI resubmitted the same industrial project to improve its financial offer over their competitors, amounting to € 5,150,000.
About GRI Renewables Industries

GRI Renewable Industries (www.gri.com.es) was born in 2008 and is the wind industrial division of Gonvarri Steel Industries. It currently has 10 manufacturing plants and wind tower flanges in Spain, Brazil, China, Turkey, India and South Africa and supplies WIND towers and high quality flanges for the manufacture of wind turbines worldwide. This has enabled the company to close 2014 with sales of 450 million euros and about 3,000 employees.
About Gonvarri Steel Industries
Gonvarri Steel Industries (www.gonvarri.com) is a leading European industrial group in steel service centers, road safety and components for the renewable energy sector. In 2014, it has shown great dynamism by acquiring the company Çepas in Turkey and CENO in Colombia, and by opening two manufacturing plants in Brazil, one in Africa and one in China. In 2014 its EBITDA grew by 16% to 177 million euros.

– See more at: http://gri.com.es/en/media/information/iraeta-wind-gri-acquires-ts-fundiciones#sthash.Vc8AgXLq.dpuf