Madrid, August, 5 2014. IKOR Sistemas Electrónicos, S.L. will strengthen their position in China with the support of the Compañía Española de Financiación del Desarrollo.
COFIDES will grant a loan to Chinakor Electronic Systems, a subsidiary of IKOR in China, amounting to €1.525m through the Fund for Foreign Investment (FIEX). With the contribution made by IKOR, the total investment amounts to €3.051m.
Chinakor was established in 2005 in Sunzhou and specialises in the design, development and manufacture of electronic equipment for use in the automotive sector, lifts, electro-medicine industries and domestic appliances. With the contribution of COFIDES, Chinakor will invest in new machinery and expand its existing manufacturing lines, allowing them to service increasing demand. It currently has 250 employees and it expects this to reach 400 in the coming years.
The production of electronic components in China reached 86,650 million units in 2013, 11.2% more than in 2012. Moreover, the automotive sector is one of the main productive sectors in this country.
COFIDES Chairman, Salvador Marín, highlighted the commitment towards innovation of IKOR which, in his view “is fundamental to providing quality and competitive products and generating more business opportunities”. On the other hand, he stated “This is the first IKOR project that has been funded by COFIDES and we hope that from now on there will be more operations where we can work together to help them grow internationally”.
IKOR Chairman, Miguel Angel Sierra, said that in its 2017 Plan, the IKOR Group had proposed doubling its turnover within four years, supporting their growth based on a solid commitment to R & D and in their implementation into three strategic areas worldwide, as individual elements in the EMS market.
IKOR was established in 1981 in San Sebastian and now has plants in Spain, China and Mexico, from which it supplies all five continents and covers all the key markets, both emerging and mature. With a staff of over 700 employees, it provides comprehensive design services (R & D) and the manufacturing of electronic circuits (EMS), including complete supply chain solutions for world-leading industrial and technological companies. It specialises in offering solutions throughout a product´s entire life cycle, from design, engineering and production to distribution and after-sales service.
COFIDES is a combined private-public concern, which since 1988 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.
