Madrid, October 26, 2021. COFIDES supports Panelfisa's expansion in Mexico through a joint venture loan to the company from its own resources and those of FONPYME. The Company will invest €900,000 to expand the SME's production capacity through the acquisition of new machinery for its Mexican plant.

Panelfisa specialises in manufacturing and selling screws and fastening elements for the automotive industry. As an accredited supplier to Ford and the Volkswagen Group, the SME has been expanding its facilities in the country since 2019 and has undertaken this investment to improve its technological, competitive and productive capabilities. Updating its machinery entails setting up new stamping and cold rolling technologies, selection by artificial vision and dimensional measurement of parts using a virtual system with which it will be able to undertake new and more complex projects. COFIDES already offered support to Panelfisa's production plant in the Latin American country in 2014.

José Luis Curbelo, COFIDES Chairman, has highlighted “the importance of supporting SMEs in their internationalisation process". For the Company's Chairman, “Spanish companies have demonstrated a great capacity to integrate into global value chains, which the automotive industry is at the forefront of and which has a significant impact when it comes to generating quality employment and the development of an innovative and entrepreneurial culture”.

Panelfisa's General Manager, Saturnino Ormazábal, said that this investment backs up the decision Panelfisa took in 2014 to set up a production plant in Mexico. With a new investment plan of €2,500,000 until 2023, Panelfisa is extremely grateful to COFIDES for its support in this journey of growth and consolidation of the project in Mexico, which represents a strengthening of the company in Spain.

CONTRIBUTION TO THE SDGs

This project significantly contributes to the achievement of SDG 8, Decent Work and Economic Growth. At present, the company's Mexican plant employs over 40 people, which creates more than 120 jobs in Spain.

Panelfisa (Tolosa, 1993) is a cooperative company whose products are primarily used in the following automotive applications: chassis/body, seats, lighting, air conditioning, compressors, windscreen wipers, doors, bumpers and interior systems.

It runs two of its own factories (Basque Country and Mexico) and logistics-commercial establishments in Poland, Chile, Taiwan, Germany and Cuba. Around 75% of its turnover goes on exports, mainly in France, Germany, Mexico, Belgium, Chile, Poland, Czech Republic and Portugal.

The SME is part of the NER Group of companies, an association that brings together numerous organisations that pool synergies, experience and knowledge.