COFIDES will cooperate with Encofrados J. Alsina SA to strengthen its internationalisation in Latin America.
COFIDES will grant a joint venture loan of €2m from its own resources to support the growth of Alsina activity in Mexico. The total amount of the operation, together with the promoter contribution amounts to €4m.
This is the fourth project in which COFIDES and the Alsina Group have collaborated, after having contributed to the expansion of the Catalan company in Peru, Chile and Southeast Asia.
The operation has a clear strategic direction as the company is undertaking a major investment effort to establish itself in new countries through its own subsidiaries. To do this, the group has invested in its subsidiary in Mexico to position its products in the country through its own facilities, personnel and stocks.
After the signing of the financial agreement, COFIDES Chairman Salvador Marín highlighted the international growth of Alsina in recent years and said that companies that invest overseas also strengthen the position and activity of their home market.
Alsina Group CEO, Josep Alsina outlined the strategic nature and enormous potential of Mexico. "The commitment to Mexico is long-term. We will work to achieve sustainable growth and to gain market share year after year, especially in the residential market, where we believe we can provide a lot of technology, productivity and security with our systems and technical solutions".
Alsina Group is a company founded in 1950 and is 100% family-controlled, whose main line of business is the rental of formwork systems and solutions totally focused on the customer. Thanks to its commitment to R & D, it develops technologically advanced systems and solutions; some of which have become the "market standard". Another great key to its success is its consolidated and highly committed team that is excited about this project.
Through its organic growth, its own subsidiaries, it is present in more than 15 countries where more than 700 people work, 15 of whom belong to the original Mexican team. Currently more than 70% of its turnover comes from the international markets.
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).