Madrid, November 7, 2017.- COFIDES will promote the internationalisation process of Garay Componentes Tubulares, S.A., a company which operates in the automotive industry and whose main activity is the manufacturing of precision welded steel tubes and other tubular components.
INTERNATIONAL PROJECT IN MEXICO
Specifically, COFIDES will grant 9 million euros through a financial instrument of co-investment taken from FIEX (62%) and COFIDES´s own resources (37.8%) with the purpose of supporting GARAY´s expansion in Mexico. The total cost of the operation amounts to over 12.8 million euros.
This is the first project in which GARAY and COFIDES collaborate. With the support the company provides, GARAY will cover the costs of the expanding a factory which manufactures automotive components in Celaya, located in the province of Guanajuato, Mexico. This province, where GARAY began the construction of the factory in 2016, is one of the four hubs of the automotive industry in Mexico.
The closeness of established customers in Mexico is the main reason that motivated the opening of this factory. Furthermore, the possibility of supplying from Mexico to Brazilian clients is a great strategic opportunity for the company´s development.
Thus, GARAY continues its international expansion strategy which the company started ten years ago with the opening of a factory in Slovakia. In addition to this, the company has got branch offices in France, Germany, Portugal and South Africa. The company is made up by 416 employees; 380 of them work in Spain, where GARAY has a factory in Oñate, País Vasco. In order to carry out this operation, GARAY has counted on the legal assistance of the lawyer´s office Barrilero y Asociados.
After signing the financing agreement, COFIDES´ chairman, Salvador Marín, stated that "it is a pleasure to collaborate in consolidating this company in Mexico and in supporting its international growth, and, thus, making its headquarters in Spain stronger”.
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).