X-ray of Ferrovial’s footprint in the Basque Country after announcing that it will move its headquarters to the Netherlands
The multinational has built some of the most recognizable emblems of the Basque Country such as the Guggenheim Museum or the Marqués de Riscal Hotel-Museum in Rioja Alavesa.
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Ferrovial has announced this week its intention to move its headquarters from Spain to the Netherlands. The multinational has built some of the most recognizable emblems of the Basque Country such as the Guggenheim Museum or the Marqués de Riscal Hotel-Museum in Rioja Alavesa, both projects by the architect Frank Ghery.
In addition, the company has participated in the construction of stations and railways Metro Bilbaoand also in the expansion of the Port of Bilbao in Santurtzi, where he built the central breakwater of 1 kilometer and 200,000 square meters.
Another important infrastructure that is the work of Ferrovial, the motorway A-8 that unites Bilbao and Irún. He too Saint Ignatius bridge that connects the island of Zorrozaurre with the rest of Bilbao or a floating wind platform near the Biscayan coast are part of his legacy. Of course, in some of these cases he has participated in the construction within a joint venture.
In fact, according to data from the Basque Government, since 2018 Ferrovial has been awarded the 12 projects of the different departments of the Executive of the CAV, for a total value of 5.7 million euros.
It has another service business line, and takes over the street cleaning from various Basque towns: Vitoria-Gasteiz, Getxo, Gernika or Arrasate, among others.
Rafael del Pino Calvo-Sotelo He has been the president of Ferrovial for more than 20 years, a family-owned company founded by his father in 1952, but he is also one of the most prominent faces on the business scene in Spain and the third largest fortune with assets exceeding 3.8 billion of euros.
controversial decision
The decision of this business colossus has raised a great deal of dust in the last few hours. So, United We Can will register in the next few days a bill in Congress to force companies that take their production or their fiscal headquarters outside of Spain to return the public aid and subsidies obtained during the 10 years prior to the decision to leave the country, also paying late-payment interest. This is a measure carried out ‘ex profeso’ for Ferrovial.
From Unidas Podemos they have influenced the fact that citizens “saved” Ferrovial with public money during the pandemic through the ERTE mechanism.
The institutional manager of the EBB of the GNP, Koldo Mediavilla, has admitted that they are concerned that Basque companies could adopt decisions such as Ferrovial, which will transfer its headquarters to the Netherlands, in order to have more favorable taxation. In fact, he recalled that relocations have also occurred in the past in the Basque Country. In an interview on Radio Euskadi, Mediavilla believes that cases like Ferrovial’s occur “in this globalized world, of savage capitalism.”
In any case, the CEO of Ferrovial, Ignacio Madridejoshas urged that “nobody doubt” the continuity of the company in Spain, assuring that it will continue to contribute fiscally to the State “as it has always done”.
Our objective is to continue growing, maintaining employment, projects and investment in Spain. We are going to continue listing in Madrid and contributing fiscally, as we have always done. Ignacio Madridejos, CEO of Ferrovial, talks about the corporate reorganization. pic.twitter.com/iRFn2TUAjQ
— Ferrovial (@ferrovial_es) March 1, 2023
For her part, the Second Vice President and Minister of Labor and Social Economy, Yolanda Diazhas shown his “total disagreement” with Ferrovial’s decision and has urged the company to “maintain the more than five thousand jobs in Spain” and believes that the Government of Spain must act with the legislation in hand.
Along the same lines, the Minister of Finance and Public Function, Maria Jesus Monterohas publicly asked Ferrovial to “reconsider” its decision and, “above all”, that, if it does not change its mind, “maintain the volume of investment and jobs it currently has” in Spain.
Source: Eitb
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
