Home AutoMotive COFIDES promotes the consolidation of CIE Automotive in Mexico
AutoMotive - March 6, 2019

COFIDES promotes the consolidation of CIE Automotive in Mexico

The Spanish Development Financing Company, COFIDES, SA, SME, will grant 50 million euros to the car additives manufacturer CIE Automotive to contribute to the increase of the institution in Mexico.

The President and CEO of COFIDES, José Luis Curbelo, and the CIE Automotive CEO, Jesús Maria Herrera, have signed the financing agreements on the COFIDES headquarters in Madrid inside the presence of the Minister of Industry, Trade and Tourism, Reyes Maroto, and of the President of CIE, Antón Pradera.

The financing will be made thru 3 co-funding loans charged to the very own sources of COFIDES and the FIEX, which COFIDES exclusively manages on behalf of the Secretary of State for Trade.

Thus, COFIDES will offer 50 of the extra than 75 million euros of the total investment required by means of the initiatives. On the one hand, 21 million euros for the execution of recent initiatives of the business enterprise CIE Celaya, committed to the stamping and injection of aluminum. It turned into with this employer that CIE Automotive commenced its activity in Mexico in 2003 while it additionally had the support of COFIDES. On the opposite hand, will provide 18.5 million euros to the enterprise CIE Pemsa, focusing on production methods of stamping, assembly and painting, and 10.5 million euros to CIE Nugar, dedicated to stamping and meeting. With those investments, CIE Automotive will be capable of amplifying the capacity of those plants and meet the needs of new clients.

COFIDES and CIE Automotive have collaborated given that 2004 in diverse tasks to support the group’s worldwide method in Mexico, the Czech Republic, Lithuania, and Romania.

The President of COFIDES, José Luis Curbelo, burdened that CIE Automotive is devoted to R & D so one can develop progressive and efficient merchandise that region the Spanish car region in positions of global leadership and respond to the hobbies and new demands of the marketplace. In addition, he delivered that “the institution’s worldwide boom favors its competitiveness at the same time because it contributes to the advent of excellent employment”.

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In the phrases of Jesús Maria Herrera, CEO of CIE Automotive: “In a context of diversification of the Group’s funding assets, we thank COFIDES for its company dedicated to the CIE task, facilitating this investment for the growth and modernization of our productive capacity in Mexico, and in the end reinforcing the competitiveness of the Spanish automobile industry in a worldwide area like this one “.

CIE Automotive is an commercial group specialized in high delivered value strategies primarily based in Bilbao. It is an international supplier of additives and sub-assemblies for the car market that gives a business version based totally at the diversification of technologies, customers and geographies, which offers it a unique positioning and permits it to deliver an extensive sort of merchandise to various clients positioned in the essential global markets. The group has 98 production plant life in 17 international locations and employs more than 23,000 humans.

COFIDES is a public-personal partnership that considering that 1988 offers monetary support to the investments of Spanish corporations overseas. Exclusively manages the FIEX and FONPYME finances on behalf of the Ministry of Commerce, attached to the Ministry of Industry, Commerce, and Tourism. The Banco Santander Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Banco de Desarrollo de América Latina also take part in its shareholding.

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