Several thousand jobs at risk, a technological heritage to defend, a strategic industry in the balance. A battle rages for control of a company strategic to the future of made in Italy.
Golden power over Comau: Stellntis against Italy defending an industrial excellence at risk
Comau’s industrial fate, a historic Italian company specializing in industrial automation and part of the Stellatis group, appears to be less than optimal. Its decision by Stellantis to want to sell a majority stake in Comau to the U.S. fund One Equity Partners has triggered a complex mechanism of safeguards and negotiations, with the Italian government consequently immediately activating the instrument of “golden power.”
So what specifically would “golden power” mean? In a nutshell, “golden power” is a legal instrument that gives the state the ability to intervene in economic transactions that, based on its conduct, could also come to compromise strategic national interests. The objective of Italy in this specific case is to meticulously assess the impacts of the divestment of Comau. Such an interest, originates from the fact that the company is considered a key asset for the Italian manufacturing sector as well as being seen as a global reference point in the field of industrial robotics.
Employment alert: government takes action to protect Comau
Unions have expressed considerable concern about the situation because of the possible employment fallout and the loss of Italian industrial excellence. These reasons all made government intervention mandatory. The Minister of Enterprise and Made in Italy, Adolfo Urso, has assured that the Executive will monitor the operation with the utmost attention and that it will have no problem or hesitation in using the “golden power” from the moment strategic national interests should be put at risk.
The most important issues in the negotiation The negotiation between Stellantis and the government certainly revolves around several crucial points. Beginning with the protection of employment, in that the government absolutely wants to guarantee the preservation of employment levels and the continuity of Comau’s production, with special attention paid to the Italian production sites. Also important is the issue of preserving the company’s skills. In this case, it is essential that the company be able to maintain its technological skills and know-how that has been accumulated over years of hard work, so as to avoid as much as possible a dispersion of talent. Moreover, investment in research and development was also discussed. In fact, the government would like the new owner of Comau to be able to continue investing in these fields so that the company does not lose its leadership in technology worldwide. Finally, it is very important for Comau to continue its cooperation with other companies in the Italian manufacturing sector, so as to foster as much as possible a global production development.
The next few weeks will certainly be decisive in defining Comau’s future. The government will have the difficult task of having to evaluate all the elements involved. This is because it will have to take into account not only the interests of the nation but also all the needs that workers and company have. Simultaneously, Stellantis, will have to demonstrate with facts that it can carry this project forward in the long term.