Yesterday, 30 May 2013, COFIDES announced the signing of an agreement with MARSAN and IZMAR whereby COFIDES offers its financial support for the start-up of a factory for electrostatic painting and logistics solutions for the automotive sector in Celaya (Mexico).
A total investment of €1.1 million
COFIDES will finance this project through a co-investment loan of 500,000 euros from COFIDES' own funds. Together with the contribution made by the promoters, Marsan Surface TransformationsS.L., S.L.U., and Izmar S.L.U., the project amounts to 1,100,000 euros.
Following the agreement, COFIDES chairman Salvador Marín pointed out that this is the company's first operation with these SMEs. "We hope that their international expansion continues and that we can once again offer our support," he said. At the same time, he pointed out that "Spanish companies have a high level of innovation that allows them to offer very competitive services".
The president of Marsan Transformaciones Superficiales, S.L., José Luciano Martínez-Covelo, explained that "this is the first project in the Mexican Bajío, in the city of Celaya, but given the rate at which the automotive sector is growing in Mexico, we are contemplating a second investment in the medium term to complement the current one".
"It is good news to see COFIDES financing the international growth of Spanish SMEs. Last year it participated in operations of Spanish multinational companies such as Abengoa's concessionaire in Peru with €25 million for the 33% and in Autopista Urbana Norte (OHL Mexico) with €25 million for the 12%" analyzes Diego Gutierrez (ABRA INVEST) experts in SME corporate finance.
COFIDES positioned in mature sectors
"In 2012 the financing operations in which COFIDES participated were related to mature sectors such as those mentioned in energy and infrastructure, but also in industry (Shwartz Hautmont Metal Sanayi Dis Ticaret) and construction (Regio Mármol - €9MM 9%). There is a lack of companies from more dynamic sectors such as technology, which are possibly candidates to form the Spanish multinationals of the future," says Diego Gutierrez.
COFIDES is a public-private company that has been providing financial support to Spanish companies' investments abroad for 25 years. It manages the FIEX and FONPYME funds on behalf of the Secretary of State for Trade, attached to the Ministry of Economy and Competitiveness. Its shareholders also include Banco Bilbao Vizcaya Argentaria (BBVA), Banco Santander and Banco Sabadell.
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