Bemasa Caps S.A., the Spanish company specialised in the manufacture and sale of caps and packaging machinery will grow in Egypt with COFIDES financial support.

To do so, COFIDES will grant a joint venture loan of €1m structured through FONPYME (75%) and COFIDES´ own resources (25%). The total investment of the operation amounts to almost €2m. The project will be carried out through a joint venture with a local partner, who will provide market knowledge, while Bemasa will apply its 25 years of manufacturing know-how in the sector.

After the signing of the financial agreement, COFIDES Chairman, Salvador Marín, stressed that companies´ internationalisation projects "contribute to consolidate the home market in the place of origin and strengthens their competitiveness". Therefore, "we continue to support SMEs, with the aim of them growing abroad, as well as in turn, strengthening themselves, in our country".

José Francisco Bernal, Bemasa Caps CEO, said “this new project is key to securing our leadership in the Middle East countries and North Africa”. “The new factory will be located in the industrial area of Cairo, allowing us to be close to one of our most important markets and with greater potential for growth over the next few years”, added José Antonio Serrano, Bemasa CEO.

This is the first operation in which COFIDES and Bemasa have collaborated. Bemasa is a Murcian company founded in 1990. It specialises in the caps-twist® caps and easy-open cap production, as well as capping machines and vacuum detectors, all of which have a significant presence on the national and international markets.

The company operates in a production plant in Molina de Segura (Murcia) with a production and distribution capacity of 900 million caps per annum, in different formats and to different parts of Spain. It has a staff of 120 employees and is considering the creation of another 29 jobs to carry out this project.

Bemasa Caps S.A. began its internationalisation in 2009, by exporting its products to Europe, North Africa, the United States, South America, China and India. Their exports have been increasing steadily and now account for over 50% of its sales.

SECTOR FIGURES IN EGYPT

The sale of beverages and food in Egypt represents 34% of the annual expenditure per capita. Food consumption has increased by more than 10% per year, as well as beverages sales, which have grown from 14% to 18%. Furthermore, Egypt has great potential as an exporting country in the area.

COFIDES, in their role of managing the FIEX and FONPYME funds, in 2015 launched the financing facilities for investment projects in Egypt. With 25 million euros, the priority sectors are agri-food, textiles, renewable energies and water treatment.

Bemasa Caps is a company dedicated to the manufacture and sale of caps and packaging machinery. Founded in 1990 and with head offices in Molina de Segura, Bemasa Caps specialises in the production of caps-twist® and easy-open tops, as well as capping machines and vacuum detectors, all of which have a significant presence in both national and International markets.

Currently, the company has 120 employees in its Molina de Segura (Murcia) factory. More than 900 million of its different caps formats are distributed from there to different points of Spain and also the rest of the world, since it exports 50 percent of its production.

Bemasa Caps has just announced the opening of a new factory in Egypt with the goal of strengthening its existing customers and to branch out into new markets in that area. Bemasa Egypt - a joint venture between Bemasa Caps and Massoud Group - will be the first easy-open top manufacturer in Egypt and its initial annual production capacity will reach 200 million units.

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).

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