2004/170/EC: Commission Decision of 21 October 2003 on the research and development aid to the site at Zamudio (Basque Country) which Spain is planning to implement for the company "Industria de Turbo Propulsores, SA" (ITP) (notified under document number C(2003) 3525) (Text with EEA relevance)
Data as of 2026-07-04 Β· Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Β· Read the official text β
The state aid which Spain is planning to implement for the company Industria de Turbo Propulsores SA (ITP), in the form of a grant of EUR 7030000, is compatible with the common market within the meaning of Article 87(3)(c) of the EC Treaty. Implementation of the aid is accordingly authorised.
The state aid which Spain is planning to implement for ITP, in the form of an interest-free loan totalling EUR 24040000, is compatible with the common market within the meaning of Article 87(3)(c) of the Treaty subject to the conditions set out in Article 3.
The gross grant equivalent of the aid, calculated using the reference and discount rate published by the Commission, plus 400 basis points, shall not exceed EUR 17292664.
Spain shall inform the Commission, within two months of notification of this Decision, of the measures taken to comply with Article 3.
This Decision is addressed to the Kingdom of Spain. Done at Brussels, 21 October 2003. For the Commission Mario Monti Member of the Commission (1) OJ L 83, 27.3.1999, p. 1. (2) OJ C 274, 29.9.2001, p. 2. (3) OJ C 147, 24.6.2003, p. 6. (4) See footnote 2. (5) See footnote 3. (6) OJ L 10, 13.1.2001, p. 33. (7) This company recently merged with the Honeywell group. (8) OJ C 45, 17.2.1996, p. 5. (9) ITP plans to create 272 new jobs between 2000 and 2003. (10) OJ L 17, 22.1.2003, p. 1. (11) [1997] ECR I-2549. (12) The resources generated in 1997 and 1998 (prior to the project) were ESP 4534 million and ESP 6566 million respectively, while the necessary investments amounted to ESP 1935 million in 1999 and ESP 6829 million in 2000, or ESP 19274 million over the four years of the project's duration. (13) Commission Decision of 30 October 2001 on State aid case No 120/01, OJ C 67, 16.3.2002, p. 33. (14) See, in this connection, the Commission notice on the method for setting the reference and discount rates, OJ C 273, 9.9.1997, p. 3, and in particular the first indent of the sixth paragraph thereof. (15) OJ C 74, 10.3.1998, p. 9. (16) ITP plans to create 272 new jobs between 2000 and 2003. See decision of 20 June 2001. (17) OJ C 110, 8.5.2003, p. 21.
Source: EUR-Lex (Publications Office of the EU), Β© European Union, reuse permitted under Commission Decision 2011/833/EU.