Madrid, 16 March 2012
COFIDES has granted Grupo LUXIONA a joint venture loan for up to 2.5 million euros to finance its first investment project in Peru.
This will enable the Catalonian group to begin its South American expansion by acquiring a majority holding in Josefel Iluminación, a Peruvian company headquartered at Lima and engaging in architectural and public lighting.
COFIDES Chairman Salvador Marín Hernández and Grupo LUXIONA CEO Javier Tey Pons concluded the agreement for the loan, which will draw from Fund for Foreign Investment (FIEX) resources. FIEX, a Ministry of Economy and Competitive Policy facility channelled through its Secretary of State for Trade, is managed by COFIDES.
For COFIDES Chairman Salvador Marín Hernández, "the Central Government deploys instruments such as FIEX in its strategy to incentivise internationalisation and support companies aspiring to diversify their business geographically, particularly in growth markets such as Peru". He added that "as the LUXIONA experience shows, internationalisation enables firms to develop a more competitive and sustainable global business model and is a strategic measure for offsetting the significant decline in domestic demand and guaranteeing the continuance of their activity at home and abroad".
Founded in 1974, LUXIONA is a Catalonian group of companies whose origin as a family firm can be traced back to 1929. This domestic market leader and European benchmark engages in the production and distribution of lighting systems, most prominently technical interior lighting, marketed under the trade name Troll. Its most emblematic works include the Sagrada Familia, the Roca building at Barcelona and Coca Cola´s facility at Madrid.
LUXIONA has subsidiaries in France, Mexico, Germany, Poland, China, and now Peru. COFIDES has backed the group in three investment projects (Mexico, Poland and Peru), providing total financing for over eight million euros.
