Navantia

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Navantia (Established in 2005), formerly Bazán or IZAR, has become Spain's leading state-owned shipbuilding firm, offering its services to both military and civil projects.

IZAR (between 2000 and 2005) was founded in December 2000 following the merger of Astilleros Españoles S.A. (AESA) and Empresa Nacional Bazán. It is the second largest shipbuilding company in Europe, and the ninth largest in the world. It has shipyards all over Spain.

In 2005 IZAR was taken over by the newly created Spanish Shipbuilder Navantia.

The proposal by IZAR's owners, the state holding company SEPI, called for the separation of the company's military construction unit, its most profitable venture, from the civilian operation, which would be partially privatised. Izar had been in crisis since European Union authorities demanded in May 2004 that it repay 300 million euros (362 million dollars) of EU aid that Brussels regarded as having breached competition rules.

The shipbuilding sector in Spain has been struggling in the face of tight competition from Asia.

[edit] See also

Ferrol City and Naval Station in Northwestern Spain.
Fene is one of the boroughs of Ferrolterra.
ASTANO Acronym in Spanish for "Astilleros Navales del Noroeste" (i.e.: Naval Shipyards of the Northwest).