As fund manager for FIEX, COFIDES has extended a 5 million euro joint venture loan to the INFUN Group to establish a foundry plant specialized in the manufacture of automotive parts in Wuhu (China).

The total investment of the project amounts to 20 million euros and it is expected to create 295 direct jobs, 99% of them should be occupied by local employees.

The Group has been operating in China since 1996, when a foundry plant was established in Zhenjiang in order to manufacture motor parts for the automotive industry. The new plant in Wuhu will enable the Group to increase its production capacity in China and face a higher demand. In 2009, China has become the first automotive market in the world. China’s car sales and production hit a record of 12 million units.

The INFUN Group is a leading and high-quality producer of metal parts and components for the automotive industry. The Group offers a wide range of products such as parts for engine, transmission, steering, suspension or braking systems. Not only is the INFUN customer portfolio made up of manufacturers, but also TIER 1 and TIER 2 suppliers. The INFUN Group owns production plants in Spain, Italy and China.