Press Release: State aid: the Commission initiates two in-depth investigations into the exceptional and temporary support package for the restructuring of FagorBrandt and Mory-Ducros

The European Commission has initiated two separate in-depth investigations in order to establish whether the loans and other measures granted by France to FagorBrandt and Mory-Ducros are compatible with EU state aid rules. In particular, the Commission will examine whether these measures were granted under market conditions, as the French authorities maintain. The opening of an in-depth investigation gives interested third parties an opportunity to submit their comments.

FagorBrandt received an initial FDES loan of €10 million in November 2013 and a second one of €47.5 million in April 2014. The company could also benefit from a write-off of social security and tax debts. Mory-Ducros received an FDES loan of €17.5 million in February 2014. This loan is accompanied by state-funded social measures for employees.

• Primary Source