COFIDES will support Ramón Soler, a company specialised in manufacturing and distributing water tap and bathroom appliances, in acquiring its subsidiary in China.
Thus, COFIDES will give the company 500,000 euros by means of a co-investment instrument taken from FONPYME (75%) and COFIDES´s own resources (25%). The operation, including the contribution the promoter makes, amounts to 1.4 million euros.
With the funding from COFIDES, Ramon Soler will acquire its entire subsidiary in China, where the company develops the brass smelting, creating the tap structure through moulds, the polishing and quality control processes of the products of the company.
The company has been established in China for 10 years along with a local partner through its production subsidiary Ningbo Itcone Sanitary, of which it owned 66.7%. The goal of the operation is to control the whole production process and for this purpose it has acquired the remaining 33.3% with the financial support from COFIDES.
After signing the financing agreement, COFIDES chairman, Salvador Marín, has stated that "in COFIDES we financially support Spanish companies expanding abroad, which also allows them to strengthen their parent company in Spain". In addition to this, he has declared that "China is an interesting destination for Spanish companies due to the quality and innovation this country offers in a market as broad as the Asian giant".
The CEO of Ramón Soler, Jordi Soler, has stated that "thanks to the the support from COFIDES we were able to complete our strategic plan in China, managing to control 100% of the production activity. This key achievement will allow us to accelerate the innovation and improvement process".
Ramón Soler, a company which has been more than 125 years in the business and which is based in Barcelona, specialises in manufacturing water taps and bathroom appliances with a high-quality design. The company is present in the five continents and sells its products in more than 60 countries.
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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