Rainer Uphoff / Madrid

Spanish aerospace unit looks for expansion with carbonfibre components manufacturer after earlier merger failure

Spain's Gamesa Aeronautica is going it alone following the collapse of the Alerion merger project with engine manufacturer ITP in January.

The Vitoria-based aerospace unit of Spanish carbonfibre structures specialist Gamesa bought the Spanish subsidiary of Canadian surface finishing firm NMF Global in June. Gamesa Aeronautica is now in final negotiations to acquire Spanish carbonfibre components manufacturer ICSA from MASA, the Logroño-based maker of metallic aerospace subassemblies.

The ICSA acquisition would be in line with plans previously announced by executives to take Gamesa Aeronautica public on the Madrid stock exchange. "The conversations are taking place, but have not concluded," says Gamesa.

Another source close to the negotiations says: "This is an outright purchase of the entire MASA subsidiary - there will be no swap of shares. Gamesa will acquire a controlling majority stake in ICSA, while a group of local savings banks from the Castilian region will take over the rest."

Gamesa Aeronautica's director general Cesar Fernandez de Velasco says the company needs to grow by becoming a risk-sharing partner on major forthcoming aerospace projects. "The Boeing 7E7 is definitely an interesting project in which we would like to participate, but our strength will depend on what we can offer them," he says.

Gamesa Aeronautica, which has annual sales of nearly €300 million ($350 million), is already a risk- sharing partner on the Airbus A380, Bombardier CRJ700 and CRJ900, Embraer ERJ-145, 170 and 190, and Sikorsky S-92 programmes.

Toledo-based ICSA is primarily a subcontractor, but also a risk-sharing partner on the A380.

Source: Flight International