Madrid, December 21, 2017.- COFIDES will support the lifting equipment company TURBOIBER ELEVACIÓN S.L. in the acquisition of machinery in its subsidiary in France.
The president of COFIDES, Salvador Marín, and the CEO of TURBOIBER ELEVACIÓN, Jaime Nieto, have signed an agreement whereby COFIDES will provide one million euro through a co-investment instrument funded by the FONPYME. The support provided by COFIDES will allow TURBOIBER to acquire light industrial machinery in its subsidiary in France and, in this way, to complement the heavy lifting machinery with which the subsidiary is currently working. The total amount of the operation, including the company’s own contribution, is 1.6 million euro.
Founded in Madrid in the 1970s, TURBOIBER is a multinational group with Spanish capital that specialises in the design, manufacture, and execution of lifting projects for the industrial, residential and construction sectors. It has plants in Madrid, Barcelona and Seville, and a staff of 75 employees. In addition, since 2010 it has been participating in civil engineering and infrastructure projects in countries such as Chile, Peru and Brazil. Its clients include the main Spanish construction and industrial companies.
After the signing of the agreement, the president of COFIDES, Salvador Marín, pointed out that "a company’s international expansion benefits the parent company, helping it to grow and become more established".
For his part, the CEO of TURBOIBER, Jaime Nieto, expressed his pleasure at being able to count on the funding of COFIDES, a central player in support for Spanish companies’ internationalisation. "TURBOIBER has gone down the route of expansion and diversification in recent years and this has enabled it to advance the company´s growth abroad, while at the same time consolidating its position in the sector at the national level," he said.
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).