No L 183/30 Official Journal of the European Communities 3.7.92 (Acts whose publication is not obligatory) COMMISSION COMMISSION DECISION of 25 July 1990 on aid granted by the Italian Government to a manufacturer of ophthalmic products (Industrie Ottiche Riunite — IOR) (Only the Italian text is a.uthentié) (92/329/EEC) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, and in particular the first subpara- graph of Atrticle 93 (2) thereof, Having given notice in accordance with the above Article to interested parties to submit their comments, and having regard to those comments, Whereas : Industrie Ottiche Riunite SpA (IOR) was created in 1969, when Filotecnica Salmoiraghi merged with Officine Galileo di Marghera. From 1975 to 1983 IOR’s only shareholder was Finmeccanica, from 1983 to 1986 Sofin, both belonging to the public holding IRI In October 1986 IOR was partly privatized. 50 % of its shares were sold to the private group Finalp for their nominal value Lit 2 billion on 15 October 1986 and the assets of its contact lenses division were sold to the Ciba- Geigy group. The privatization was completed in March 1989, when Finalp took over the other 50 % of IOR’s shares as well. Before its partial privatization IOR was never a profitable company. Its losses amounted to Lit 8,2 billion in 1982, 5,6 billion in 1983, 6,5 billion in 1984, 11,5 billion in 1985 and 11,9 billion in 1986, which corresponds to 31, 18, 19, 26 and 24 % respectively of its annual turnover. These losses were made good by its public shareholder. The losses IOR made in 1985 and expected in 1986 up to 15 October were covered by an advance of Lit 17 339,9 million by Sofin; within the framework of the partial privatization of IOR in October 1986 Sofin walved its claim to this sum. The Commission was not notified of this step under Article 93 (3). II The Commission, upon learning that Sofin had provided Lit 17,3 billion to IOR and had subsequently waived its claim to this sum and considering that such action can constitute State aid, invited the Italian Government to provide information by letters dated 30 November 1987, 20 January 1988 and 13 April 1988. The Italian Government replied by telexes dated 29 February and 13 June 1988, providing incomplete information on the privatization and stating that Sofin’s action was a normal shareholder’s decision and not a form of State aid. After an initial investigation of the available information the Commission considered that the Lit 17,3 billion awarded to IOR by its public shareholder did constitute State aid falling under the prohibition laid down in Article 92 (1), to which none of the exemptions set out in the said Article appeared to be applicable.