Known as La Naval. Founded in 1909 to manage shipbuilding at Ferrol, Cadiz and Cartagena. In 1914 a new shipyard was constructed at Sestao and Factoria de Matagorda was acquired. The yards at Ferrol and Cartagena passed to Empresa Nacional Bazán in 1947. In 1966 the company merged with Euskalduna and Astilleros de Cádiz to form Astilleros Españoles. Facing bankruptcy in 1999, the company merged in 2000 with Empresa Nacional Bazán to form IZAR which was subsequently taken over by Navantia in 2005.