Madrid, January 21, 2015. Compañía Española de Financiación del Desarrollo,COFIDES SA will financially support the electronics company P4Q for their implementation in Albuquerque, United States
COFIDES will grant a joint venture loan for €500,000 through the Fund for SME Foreign Investment Operations (FONPYME). With this loan P4Q will invest in machinery and utilities for their production facility in the US. This is the first collaboration project between the two companies and will serve to financially support P4Q for the acquisition of equipment and facilities in order to consolidate their presence in the state of New Mexico, USA. The project company will create 22 jobs throughout the lifecycle of project funding.
COFIDES Chairman and CEO, Salvador Marín stressed “the international expansion of Spanish SMEs is one of main objectives of COFIDES” and noted that “the US is one of the countries that has opportunities for highly competitive Spanish SMEs”.
P4Q CEO, Aitor Alapont Etxaniz, said “the internationalisation of P4Q was a strategic requirement and the support received from COFIDES will serve to strengthen our presence as well as to allow asset investment that will enable us to better service our American customers”.
P4Q is a Basque company founded in 1999, specialised in the design and manufacture of electronic products and systems. It has a presence in the rail, electronics, renewable-energy and automotive sectors. Its main clients include major companies in all these sectors. In 2013 the main export destinations were the United States and Germany.
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, Sabadell Bank and CAF-Development Bank of Latin America.