Madrid, August 08, 2017 - COFIDES will support the growth of the company Manufactura Moderna de Metales in Romania, which specialises in the processing of metal motor tubing for the automotive sector.
COFIDES will grant €3m structured through the company´s own resources. With this, COFIDES will support the investment in machinery and the expansion of the production capacity of the Romanian subsidiary factory, MMM Autoparts, a project that had COFIDES support in 2013. The total investment of the company in this operation will be €3.8m.
The subsidiary has been present in Romania for eleven years, when the company was established in the country following one of its main clients. Much of this plant production is focused on exporting to other countries in Europe, Turkey, Russia and the Asian market.
After signing this financial agreement, COFIDES Chairman, Salvador Marín highlighted the competitiveness of the automotive sector of Spanish companies and stressed, "We hope to continue to contribute to the internationalisation of MMM, which has a wide international presence, which in addition allows it to grow and strengthen itself in Spain".
Manufactura Moderna de Metales CEO, Jordi Priu stressed the importance of being able to continue with the expansion of his project in Romania (already the main factory of the group) and acknowledge the support provided by COFIDES.
MMM is a family business founded 1944 by Joan Priu in Barcelona with a workforce of more than 700 employees. Its activity is focused on the automotive sector and specialises in the design and processing of metal motor tubing for the automotive sector. MMM owns 3 production centres in Barcelona, Romania and Russia and supplies to major automotive brands. The destinations for their key products are Spain, France, Germany, England, Turkey, Romania and Mexico.
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).