Madrid 21st March 2012
COFIDES has extended a loan for 600.000 euros to the Mexican subsidiary of Industrias Ochoa to finance the construction of a production facility in Santiago de Querétaro. The loan will be drawn from COFIDES own resources and from the Fund for SME Foreign Investment Operations (FONPYME), 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 financial agreement was signed by the Chairman and Chief Executive Officer at COFIDES, Salvador Marín, and the Administrator of Industrias Ochoa, Domingo Ochoa. Salvador Marín has emphasized that Nowadays there are numerous investment opportunities in Mexico for the Spanish companies, where COFIDES has approved so far over 100 projects with a total commitment above the 330 million euros.
After the signing of the contract, the Chairman of COFIDES has expressed that the financing of investment projects undertaken by Spanish SME, such as Industrias Ochoa, constitute a priority for COFIDES. He has also stressed the importance of the internationalization of the SME as a means of boosting the competitiveness of the enterprises. The Spanish market is mainly conformed by small and medium enterprises, and the consolidation of these companies overseas could increase their activities and therefore the growth of the national economy.
Industrias Ochoa was established in Valencia where the company began its activity in 1970. It is engaged in the designing and manufacturing of molds, tools and special machinery to produce metallic products for the automotive sector (vehicles, vans and trucks) and the industrial one (clamps and other tools for systems of air conditioning, conduction, water and heating).
The total investment of the project amounts to 2.7 million euros. The new facility in Mexico constitutes the first international establishment of the company Industrias Ochoa, which has the main objective of manufacturing automotive components. It is estimated that the plant will be running by August 2012 and will create 80 new jobs.
