>Resources will be assigned to modernize the facilities and increase the production of electrical appliances in Poland
>This is the 7th operation of the Mondragon Cooperative financed by COFIDES
Madrid, 22nd March 2012
COFIDES has extended a 7 million euros loan to Fagor Group to finance the international expansion of the Group in Poland. The loan will be drawn from the Fund for Foreign Investment (FIEX), which is a State-owned fund managed by COFIDES attached to the Ministry of Economy and Competitiveness through the Secretary of State for Commerce.
The Chairman of COFIDES, Salvador Marín, and the Directors of Fagor Group and Fagor Electrodomésticos Sociedad Cooperativa, Augusto Araneta y Mirari Astigarraga; have signed today the financial agreement.
Fagor started operating in Poland since the acquisition of the subsidiary Fagor Mastercook in 1999. The Polish subsidiary is engaged in the commercialization of brands such as Mastercook, Fagor Gastro and De Dietrich. The international expansion of the Group in Poland aims to increase the production of electrical appliances to cover the new demands that have arised in the market. The total investment of the projects exceeds 38 million euros and the main objective is to modernize the facilities of the company and to increase the product portfolio. At the present moment, the facilities in the European country employ over 2000 workers and it is estimated to increase the staff to 3000 workers by 2016.
Fagor Electrodomésticos is a Basque cooperative society established in 1956. The company develops and manufactures electrical appliances and equipment for houses. Nowadays, it has 18 productive plants located in Spain, France, China, Italy, Poland and Morocco. Fagor Electrodomésticos is the parent company of the Fagor Group, integrated by over 50 enterprises, and belongs to the Mondragon Cooperative, the first business group in the Basque Country.
