JANUARY 26, 2015 — State-owned Spanish shipbuilder Navantia is in process of establishing a subsidiary in Brazil in order to meet Brazilian defense legislation on local content and to position itself for major Brazilian Navy fleet renewal contracts.
The Spanish Government has authorized Navantia's owner SEPI (State Industrial Holdings Company) to have a presence in Brazil, through Navantia, and set up a subsidiary limited liability company called Navantia Brasil LTDA Projetos Navais, owned 90% by Navantia and 10% by Navantia Australia.
Navantia has been preparing for a presence in Brazil for two years, during which it has been building a complete network of industrial partnerships.
Brazil is the prime destination of Spanish investment abroad, to the tune of about EUR 66 billion a year, making Spain the largest foreign investor in Brazil, second only to the U.S.
Navantia sees internationalization through companies such as Navantia Australia as helping increase its turnover and employment in Spain.