Madrid, February 25, 2021. COFIDES will boost the RTS Group's position in China. The company, specialised in the manufacture of suspension and steering products for the aftermarket automotive sector, is based in Guipúzcoa and has been present in China since 2005.
COFIDES will provide 1 million Euros of its own funds through a joint venture loan to the project company, Jinhua RTS Autoparts Co. Ltd. This will both finance the acquisition of the machinery necessary to manufacture automotive parts for local manufacturers of electric vehicles and provide working capital. In this way, the RTS Group will have the opportunity to expand its traditional aftermarket market to that of original equipment for electric vehicles, a sector with great growth potential in Asia. The new activity represents an industrial and technological challenge in which the RTS Group hopes to achieve great success, allowing it to position itself as a global automotive supplier in the international market.
José Luis Curbelo, President and CEO of COFIDES, stated that "it is necessary to support companies to continue with their international projects and continue to grow". In his opinion, "international activity will be key to recovery and transformation to overcome the difficulties generated by the COVID-19 pandemic".
CONTRIBUTION TO THE SDGs
This investment contributes to Sustainable Development Goal (SDG) 5 for gender equality (66 women employed) and SDG 8, for decent work and economic growth (127 direct jobs). It also contributes to SDG 10, reduced inequality, and SDG 17, partnerships to achieve the goals.
ABOUT RTS GROUP
The RTS Group is a company dedicated to the manufacture of steering and suspension parts for the aftermarket automotive sector. It has three production plants, in Mendaro (Guipúzcoa), Vitoria and Jinhua (China). It exports 95% of the products it manufactures to over 75 countries, mainly within the European Union. It has about 4,500 SKUs for passenger vehicles for European, Asian and American brands and its parts can be integrated into electric cars.
COFIDES is a state-owned company which has been offering financial support to Spanish companies investing abroad. COFIDES is accredited to the European Union (EU) to manage funds coming from the EU budget, allowing the structuring of transactions with a high impact on development. COFIDES is also accredited to the UN’s Green Climate Fund (GCF) and can therefore structure operations on climate change mitigation and adaptation. Moreover, COFIDES 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 and also supports AECID in managing FONPRODE funds. COFIDES’s shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.