Madrid, the 20th of December, 2018.- COFIDES will contribute to the technological development of Russula Corporación S.A.U. in its division in the USA. Through FIEX, it will provide 1.5 million euros through a co-investment loan. The total investment in the project amounts to 2.15 million euros.
Russula is a company dedicated to the design, implementation and presentation of engineering and automation solutions for both the steel industry and for water treatment plants in the steel industry. It has been present in the USA (Ohio) since 2002 through its subsidiary Russula Corporación.
LOWER ENVIRONMENTAL IMPACT
With this financial support, the company will carry out a R&D project aimed at minimizing the liquid discharge generated by water plants through the development of solutions that reduce the contribution requirements of the tributaries. This technology will allow to incorporate improvements that will lead to a lower environmental impact and the reduction of costs for its clients.
This is the second project COFIDES and Russula have collaborated on, as in 2014 COFIDES, through FONPYME, partially funded the creation of a division within its US subsidiary focused on research and development of new mechanical prototypes.
The president of COFIDES, José Luis Curbelo, has recalled that the investments that COFIDES promotes have the aim of contributing to inclusive economic growth, social progress and environmental protection. On the other hand, he added that companies that invest in R&D offer quality products and are more competitive abroad, which favours their growth and international consolidation.
Russula, which is based in A Coruña, was founded in 1988 by a team of engineers with extensive knowledge in the steel production process. It is the head of a group made up of eleven companies with their own subsidiaries in Spain, India, Russia, Italy, USA, Mexico, Brazil, Argentina. Russula is an engineering company that works globally with the main steel producers in more than 30 countries. They develop engineering solutions that allow their clients to improve the efficiency and productivity of their processes.
COFIDES is a public-private company which has been offering financial support to Spanish companies investing abroad since 1988. 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. Shareholders include Banco Bilbao Vizcaya Argentaria (BBVA), Banco Santander, Banco Sabadell and CAF-Development Bank of Latin America.
