Madrid, 2 September 2019.- COFIDES will support the creation of a production affiliate of the Catalan company Array Plastics, S.L. in Mexico. To this end, it will grant a Euro 1.5 million co-investment loan to the specialised company Array Products S.A. de C.V.
COFIDES will make this investment by debiting the resources of the Fund for Foreign Investment in Small and Medium-Sized Enterprises (FONPYME). With the COFIDES contribution, total investment in the project rises to Euro 2.15 million and is earmarked for the acquisition of machinery and the financing of working capital.
Array Plastics S.L. is an SME founded in 1992 in Folgueroles (Barcelona), Spain. Its main activity is the manufacture of plastic parts for the automotive sector. It has 29 injection machines, the capacity and knowledge of automated assembly, as well as of vibration and ultrasonic soldering. Supplier to large national and international automotive groups, the company fabricates different vehicle parts, interior and exterior, including, for example, interior and exterior light indications, pilots, brake lights, courtesy lights, lenses, fluid conduits (air, brake fluid, water, ad blue, combustible, engine parts, interior parts for roofs, mirrors
The plant will be operational in September 2019 and is located in an industrial zone in the Mexican state of Querétaro. According to the company's plans, the new plant will have the capacity to meet the needs of customers already working in Mexico, as well as to adapt to future growth that could entail expansion into one of the countries that is critically important to the automotive sector.
COMMITMENT TO SUSTAINABILITY
Consistent with its commitment to sustainability, Array Plastics is implementing a new water-cooling system for machinery and molds, as well as anadiobatic refrigerator for injection machines. The first batch of this equipment has been functioning since the first of the year and the second will begin to function soon. These two systems are intended to significantly reduce the plant's consumption of electricity, helping to meet Sustainable Development Obective 12 of the 2030 Agenda that promotes sustainable production.
COFIDES President José Luis Curbelo values the technological component of this SME in one of the leading sectors of the Spanish economy, as well as its commitment to sustainability. Curbelo has underline "the importance of conciliating support for the internationalization of SMEs with the need to continue support for technological sectors where the Spanish economy is highly competitive, both commitments of the COFIDES 2019-2021 Strategic Plan."
Guerau Carné, Managing Director of Array Plastics, underlines the strategic importance of the company's new affiliate: "The new Mexican affiliate makes it possible for us to put a foot into one of the most dynamic markets for automobile parts and one with the most future, while it provides access to global projects that also will favour the matrix." What's more, Carné continues, "We want to transfer to Mexico our whole 4.0 production system, visual quality control and quality control management methodology right from the start in order to meet the needs of our demanding clients in the automotive sector."
Array Plastics is a Catalan company with more than 25 years of history, which, together with Elausa, the electronic company, make a business Group dedicated to the fabrication of electromechanical components for the automotive industry. With solid growth over these years, the Group makes electronic components, plastic parts and finished products for such demanding sectors as automotive, sports and health care.
COFIDES is a public-private company which has been offering financial support to Spanish companies investing abroad since 1988. It is accredited with the EU to manage Community budgets, allowing it to structure transactions with a high impact on development. It is also accredited with the UN’s Green Climate Fund and can structure operations on climate change mitigation and adaptation with the GCF. It is the exclusive manager of FIEX and FONPYME funds on behalf of the Secretariat of State for Trade attached to the Ministry of Industry, Trade and Tourism and supports AECID in managing FONPRODE funds. Shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.