Spain: Merger between Afora and Corporación Industrial Egaña
Last Updated: 11 April 2002

Uría & Menéndez has taken part in one of the most important mergers in the automobile sector in Spain this year, announced April 4, 2002. AFORA (owner of the GSB Group) will be merging with Corporación Industrial Egaña, creating a Group that will be the reference provider in the automobile components sector.

The new group will be composed of 20 corporations in Western Europe, Eastern Europe, Brazil and Mexico, with a billing of EUR 550 Million in 2002. The group will consist of 4.500 members of staff and will be making investments this year amounting to EUR 60 Million.

The merger will be completed before the summer and the corporation will be the first Basque group in the automotive sector, ranking fourth in Spain and will be one of Europe’s leading automotive corporations.

Mario Fernández and Gabriel Núñez, acting for Uría & Menéndez, represented AFORA, S.A.

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