Madrid, February 21, 2019.- COFIDES will support NBI Bearings Europe in the acquisition of 51% of a supplier company that manufactures and sells bearings in India.
COFIDES will provide a co-investment loan of 3,5 million euros from FONPYME (50%) and COFIDES's own resources (50%). The total investment of this project is 5 million euros.
India is an important market for the manufacture and sale of bearings. Together with China, a country in which the NBI Group is also established, they make up one of the regions with the highest growth in demand, tied to the increased investments in infrastructure.
The COFIDES chairman, José Luis Curbelo, has indicated that "COFIDES supports SMEs in the metal-mechanical industry to help them grow abroad, while also contributing to the strengthening of infrastructure and generating employment in the investment destination”.
The Financial Director of NBI Bearings Europe, Javier Raya, has indicated that the financial support from COFIDES is necessary and fundamental for the strategic international implementation projects of Spanish companies. Thanks to the trust and support from COFIDES, the NBI Group has been able to complete the financing of this important project for the development and expansion of its range of manufactured products, in addition to strengthening the sales force in a country as important as India.
This project contributes to the achievement of the Sustainable Development Goal 8 (Decent work and economic growth), since the acquisition involves the hiring of personnel to expand production. In this way, it also increases the productivity of the country's economy, in addition to reducing inequalities in an emerging or developing country, a goal set in SDG 10.
NBI Bearings Europe is a legally established corporation in Álava, with almost two decades of experience in the manufacture of bearings and metal parts. It began its internationalisation process in 2006, with its implementation in China, a country in which it is still present. Today, the company has five production plants in Spain with more than 180 employees. It designs and manufactures bearings with high added technical value and parts for the industry. Its production processes include machining, grinding, stamping and metal fabrication, all applied to industrial sectors with high technical requirements.
COFIDES is a state-owned company which has been offering financial support to Spanish companies investing abroad since 1988. It is accredited with the EU to manage Community budgets, allowing it to structure transactions with a high impact on development. It is also accredited with the UN’s Green Climate Fund and can structure operations on climate change mitigation and adaptation with the GCF. It 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 supports AECID in managing FONPRODE funds. Shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.
