Madrid, August 09, 2017 - COFIDES will contribute to TEXTRON’s, part of GRUPO PLIMON, consolidation in Italy. The Company will provide €800,000 through a joint investment instrument structured through the FONPYME fund. With this funding TEXTRON ITALIA will acquire a company dedicated to the manufacture and sale of chemical and dye products for the textile industry. The total investment of the project is €1.3 million.
The company has been present in Italy since 2014. This is the third operation in which COFIDES and TEXTRON have cooperated together. Their main activity is the production and distribution of raw materials for the cosmetics, pharmacy and food sectors, among others.
After the signing of the agreement, COFIDES Chairman Salvador Marín stressed the willingness of COFIDES to support the internationalisation of small and medium-sized enterprises in order to grow in size and strengthen their position. "TEXTRON is already established in Italy and COFIDES is going to contribute again to the expansion of this company, in order to strengthen their strategy based on international growth and diversification".
With this new acquisition, TEXTRON will reinforce its presence in Italy and extend its product and services portfolio in the textile chemical sector of the group.
GRUPO PLIMON has two production plants in the Lérida province, Spain specialising in the production of oils and biocides for the cosmetic sector, amongst others.
The group, which is characterised by its strong commitment to innovation and development of new products and references, has subsidiaries in Japan, USA, India and Italy and a commercial office in China. TEXTRON is very diversified by customers and by countries and a large part of their revenues are generated abroad.
THE INDUSTRIAL SECTOR IN ITALY
The economy of Italy is the 8th-largest in the world, with a nominal GDP of 1.8 trillion euros. Historically as well as currently, the Italian industrial sector has been the economic engine of the country. The chemical industry, of which TEXTRON forms part, is included within this industrial sector.
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).