Madrid, June 30, 2014. COFIDES will finance engineering company Russula, for the launch of a new research and development division for its mechanical prototypes at its U.S. subsidiary, Russula Corporation, Inc.
COFIDES will provide financial support through a joint venture loan to the Fund for SME for Foreign Investment Operations (FONPYME).
As well as the US, Russula also has a wide international presence through its subsidiaries in Italy, India, Russia, Mexico, Brazil and Argentina. This new division will allow the company to prototype and test new parts for its mechanical implementations.
COFIDES Chairman, Salvador Marín, stressed “the commitment for innovation and development” that Russula makes with this project. “Initiatives like this are what allow Spanish companies to be more competitive and to achieve success in the most demanding markets”. He also expressed his confidence that “other companies will follow the example of Russula and grow overseas”. In this regard, he recalled that “the priority of COFIDES is to contribute to the international expansion of SMEs”.
Russula is a global engineering company that delivers practical solutions for the steel, copper and aluminum sector. For over 26 years, the company has completed engineering projects for new installations, plant expansions and plant revamps. The company is specialised in practical solutions of mechanical and electrical engineering specifically integrated to the metal industry, in particular steel and aluminum plants.
COFIDES is combined private-public concern, which for the past 25 years has provided financial support to Spanish enterprises abroad. COFIDES manages the FIEX and FONPYME funds on behalf of the State Secretariat of Commerce, within the Ministry of Economy and Competitiveness. The stockholders include the Bank of Bilbao Vizcaya Argentaria (BBVA), Santander Bank, Popular Bank and Sabadell Bank.