Madrid, July 17, 2017 - COFIDES will support REINER’s internationalisation in Mexico, a group specialised in the manufacture of plastic injection components for the home appliance and automotive sectors
The financing provided by COFIDES - €1.2 million - will be structured through FONPYME (75%) and COFIDES own resources (25%) by way of a joint venture instrument for the project company, Reiner Nafta SA of CV. Together with the contribution made by the promoter, the total amount for this operation is €2.96 million.
With this financing, REINER will start up a plastic component factory for the automotive sector in the state of Querétaro (Mexico), northwest of Mexico City.
This is REINER’s second overseas production venture, following its implementation in Poland, a project that in 2012 also had COFIDES support to expand their production plant.
After the signing of the financing agreement between COFIDES and REINER, COFIDES Chairman Salvador Marín stated that operations like this one of REINER in Mexico "shows COFIDES strong support to finance Spanish SME projects". He also said, "it is very satisfying to cooperate with REINER again in their internationalisation process and to be able to help the company to grow stronger abroad".
REINER Managing Director, Javier Igarza added that COFIDES support was vital for the implementation of the new company in Poland and acknowledged the trust and support that COFIDES provided to REINER in this new project.
THE SECTOR IN MEXICO
Mexico has privileged access to 45 countries and 1.2 billion people through its free trade agreements; and an annual growth rate of around 3%. Based on data published by Mexican employers in the "Amia" sector (Mexican Association of the Automotive Industry), light vehicle production reached 3.5 million units in 2016, consolidating Mexico as the seventh largest manufacturer in the world.
REINER is a basque family company founded in 1928 and currently has 93 employees. The group has 2 divisions: automotive and medical
In order to optimise their production processes and meet the needs of their international clients, Reiner Group has 2 production plants in Spain (Itziar) and Poland (Miekinia).
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 for Trade, within The Ministry of Economy, Industry 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).