COFIDES will contribute to the establishment of a commercial subsidiary of the company Industrial Farmacéutica Cantabria (IFC) in México. For this purpose, COFIDES is granting 1.5 million euro out of their own resources.
Through the support by COFIDES, the company will finance the initial stock for the commercial subsidiary for the distribution of drugs, cosmetics and food supplements in the Mexican market. This company was incorporated in 2016 and it is expected to attain a relevant sales force up to 150 employees. The initial investment on the project reaches 2 million euro altogether with 1.5 million euro provided by COFIDES which amount a total of 3.5 million euro.
Upon signing the funding agreement, COFIDES chairman, Salvador Marín, recalled that the international growth of the Spanish companies implies to strengthen the mother company, and so this contributes to create also jobs in Spain. Moreover, he highlighted the opportunities of the Mexican market, which represents one of the 15 major economies worldwide and the second largest in Latin America.
The CEO at IFC, Juan Matji, added that “the goal is to strengthen the Mexican subsidiary and position it in the top three of leading companies in the dermatological sector”. The pharmaceutical company is in full swing with the international expansion by opening new markets in which entrepreneurship and innovation, some of the company’s values are an important added value such it is the case in Mexico.
IFC is a company focused on research, development, manufacturing and distribution of skin, food and cosmetics products. The company boasts a wide international network through subsidiaries in Portugal, Germany, Italy, China, Morocco and Mexico and distributors in 80 countries, the manufacturing activity and all the headquarters services are based in Spain. They have three R&D centres and two production sites in Cantabria and Madrid. Nowadays, they employ more than 650 people.
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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