Madrid, 12 September 2018. COFIDES will contribute 1 million euros to the engineering company Grupo STIN with the purpose of consolidating its business in Mexico. This financing is provided through a co-investment instrument taken from COFIDES´s own resources and the FONPYME Fund (50%) to the project company, STIN Sistemas Técnicos Internacionales S.A. de C.V. The total investment of the project amounts to 2 million euros.
Grupo STIN operates in Mexico since 2011. This financial support will help the company purchase scaffolding with the purpose of developing major projects in the country, resulting in an opportunity to increase its turnover. COFIDES and Grupo STIN also collaborated in 2017, when the Company supported the Grupo STIN in its expansion in Perú.
COFIDES´s Chairman and CEO, José Luis Curbelo, stated that, through their international projects, SMEs consolidate their growth, thus strengthening their position in Spain and in foreign markets.
Grupo STIN has more than 20 years of experience in the provision of access engineering services applied to scaffolding for all kinds of industrial plants. The central offices of the group are located in Madrid. In the international field, the company has presence in Mexico, Perú and Morocco, markets in which it has positioned and consolidated itself as an engineering provider in key markets.
COFIDES is a public-private company which has been offering financial support to Spanish companies investing abroad since 1988. It is the exclusive manager of FIEX and FONPYME funds on behalf of the Secretariat of State for Trade attached to the Ministry of Industry, Trade and Tourism. Shareholders include Banco Bilbao Vizcaya Argentaria (BBVA), Banco Santander, Banco Popular, Banco Sabadell and CAF-Development Bank of Latin America.