Madrid, October, 18, 2017 - COFIDES will contribute to Ibarmia Innovatek SLU’s internationalisation. To do so, the Company has granted one million euros, by way of a joint investment financial vehicle structured through the FONPYME fund, with which Ibarmia will set up a production plant in China.
The project will be developed through a joint venture with a local partner and will be dedicated to the manufacturing and commercialisation of machining centres. The total investment of the project, together with the contribution of the developer, will be €1.2m.
This is COFIDES’ first collaboration with the company, dedicated to the machine tool sector that works mainly with the aeronautical, oil, gas and railway sectors.
THE CHINESE MARKET
Ibarmia has been present in China for over ten years, with a variety of clients, both public and multinational companies. This experience and the fact that the Asian country is the premier consumer of machine tooling worldwide and which has seen significant growth in the technical development within this industry, have led Ibarmia to productively establish itself in China.
The Guipuzcoan company will provide the know-how and the design licenses for the manufacture of five axle-machining and multiprocess centres. Their local partner, on other hand will bring together their local knowledge of the Chinese market, their contact network as well as their industrial capacity.
As a result of the innovative endeavours and constant investment in R + D + i, the company has recently launched new machine families within the industry 4.0. It has also created Paradisse, one of the first hybrid solutions in the world that integrates additive manufacturing and machining technologies in the same machine and which has had the support of the European Commission for the development of new technological processes.
COFIDES Chairman, Salvador Marín stressed, "This project will contribute to strengthen the company’s position in our country, because an innovative company that grows overseas is a company that consolidates and strengthens locally".
Ibarmia is a family SME, established in Azkoita (Guipuzcoa) in 1945. It has facilities of 7,500 m². The number of current employees is 110.
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).