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State Aid

PR(08)26: Restructuring aid granted to Sementsverksmidjan hf. is approved by the Authority

29.5.2008

Restructuring aid granted to Sementsverksmidjan hf. is approved by the Authority

Today, the Authority has taken a decision on aid granted in favour of the Icelandic cement producer Sementsverksmidjan hf. and considered it to be restructuring aid compatible with the rules of the EEA Agreement.

In the context of privatisation of the former state-owned cement producer Sementsverksmidjan hf., the State took over liabilities of the undertaking towards the Pension Fund of State Employees in 2003. The Authority has considered this measure to be state aid.

The Authority has further assessed whether the aid could be considered compatible on the basis of the Rescue and Restructuring Aid Guidelines issued in 1999. Rescue and restructuring aid measures can be granted only once to ailing companies under some predefined conditions. It has come to the conclusion that the aid granted by the State in the framework of the restructuring of Sementsverksmidjan hf. was in line with the requirement of the Guidelines.

For further information, please contact:

Mr. Amund Utne
Director, Competition & State Aid Directorate
Tel. (+32)(0)2 286 18 50, or

Ms. Maria J Segura Catalán
Senior Officer, Competition & State Aid Directorate
Tel. (+32)(0)2 286 18 53

 

28 May 2008




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