In what is a sign of these political times, Impsa, which leads in turbines and components for highly complex engineering works, decided to offer some US $ 20 million in shares of the company to the State and government of Mendoza. Impsa, with 720 professionals who are its technological heart, is the main company in Mendoza, which saw it born in 1907.
Those who closely follow the issue warn that both the national and provincial governments are willing to buy these shares. This time the political rift with the radical government of Mendoza is transcended. Asked about whether it is a nationalization, it is pointed out that it is an expansion of the state participation that has one of its main banks, the Nación, as the largest creditor of Impsa. In fact, the Nation appoints the president of the company. “It is something that states do when companies are competitive. Impsa is strategic for Argentina,” commented close to one of the creditor banks.
During the Shareholders’ Meeting held this afternoon virtually, the two trusts, one of its founders, the Pescarmona family with 35% and the other with its main creditors, voted unanimously in favor of the issuance of about US $ 20 million new shares to capitalize the company and bet on its growth. The creditors are the aforementioned Banco Nación, Bice, BID and the bondholders under the leadership of the Chilean group Moneda.
“The proceeds will be used to rebuild its working capital. This will allow the Company to consolidate its operation in Argentina and return to compete in the markets it has led for decades, exporting 85% of its products to Asia, Europe, Africa and the Americas. , and generate the foreign exchange that the Argentine economy needs, “said a statement from the Assembly. By the way, the percentage of participation of the government of Mendoza and the State will depend on the number of shares they decide to subscribe.
At the Assembly, the shareholders decided not to exercise their right of first refusal to subscribe for the new shares. The reasons were not reported.
Juan Carlos Fernández, CEO of Impsa, highlighted that the debt restructuring was completed last November, “leaving IMPSA with a very sustainable and long-term debt.” In November 2020, they reprofiled the debt with grace periods for interest until 2025 and capital until 2028 at a rate of 1.5%, thus avoiding the payment of a maturity of US $ 150 million last December.
Impsa is executing contracts for hydroelectric, nuclear, wind and solar plants and equipment for the oil and gas industry. Today it designs and manufactures the new turbines for the Yacyretá Hydroelectric Plant, the wind turbines for Parque Arauco (La Rioja), equipment for the El Tambolar Hydroelectric Plant (San Juan), for YPF and the manufacture of the first Argentine nuclear reactor for power generation , CAREM, among the main projects. In turn, it has projects in Latin America, the United States, India and Southeast Asia.
Impsa began with serious problems in 2014 when, after landing with wind farms in Brazil, one of the “sister” companies established for that project left it as an inheritance a debt of US $ 850 million at rates of 8.5% per year.
The firm started as a metallurgical industry in Mendoza hand in hand with Enrique Epaminondas Pescarmona. His son Enrique, who often dispenses with political correctness, set a high bar when he was appointed CEO in 1960 and focused on overhead cranes, turbines, telecommunications systems and wind farms. Since he went out into the world in 1981, he completed 150 projects in 40 countries and in 2008 he had 7,000 employees. Since 2018, already with its new owners, it has resorted to professional management. Its president changed just a month ago and he is Macelo Kloster.