Madrid, February 20, 2019.- The cooperative Fagor Ederlan has been granted a joint investment loan of 15 million Euros to install a production plant in San Luis de Potosí (Mexico), one of the country’s poles in the automotive industry.
Financing will revolve around COFIDES’ own funds (25%) and the FIEX (75%) via the COFIDES Mexico Line. The total investment required for the project is 62.8 million Euros. This is the third operation COFIDES and Fagor Ederlan have collaborated on since the support given for the company’s setting up in China in 2011.
The project responds to Fagor Ederlan’s strategy as a global supplier of automotive components, which means it accompanies and provides service for clients based in North America. Fagor Ederlan plans to manufacture vehicle suspension knuckles at this plant, something it already does at plants in Europe and China.
The Chairman of COFIDES, José Luis Curbelo, underlined the fact that COFIDES helps companies maintain a global presence, diversifying their markets and risks and creating jobs. Likewise, he highlighted Fagor Ederlan’s commitment to innovation, supplying competitive quality products.
Fagor Ederlan is an industrial cooperative which was set up in 1963. It forms part of the Mondragón corporation, and its business area is in the industrial field, in the group’s automotive division. It manufactures automotive components for Chassis and Powertrain. Fagor Ederlan is a technological leader and a benchmark supplier in the technological processes of iron, pressure aluminium, injected aluminium and mechanized casting.
It is a global supplier with 18 production plants in Spain, Slovakia, Brazil, China and Mexico, which enables it to guarantee an optimal response to supply needs in the automotive market. The cooperative also boasts eight commercial subsidiaries (in Europe, the USA, China, Korea and Japan) and a technology centre in the Basque Country, Edertek, where it focuses on innovation as its main axis in research, design and the development of new products, processes and materials.
COFIDES is a public-private company which has been offering financial support to Spanish companies investing abroad since 1988. 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. Shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.