COFIDES is supporting the international expansion of Molecor, a company specialising in the manufacture and sale of PVC pipes and technology.
The company intends to implement a growth plan that includes new investments from its foreign subsidiaries. To this end, it has been proposed that the financial institutions that participated in 2021 in a syndicated loan extend it. In so doing, COFIDES will provide 7 million euros from the Fund for Foreign Investment (FIEX), thereby replacing the funding granted by COFIDES in 2021.
The head of the COFIDES Investment Division, Miguel Ángel Ladero, said that "it is highly gratifying to escort Molecor in its international growth and its transformation into a large company. Over the years, we have also witnessed how, through innovation and responsible production, the company has strengthened its commitment to the environment”.
Ignacio Muñoz, CEO of Molecor, highlights that the business model developed by Molecor in the piping sector is based on three fundamental pillars: Innovation, internationalisation and agility in decision-making, which has enabled growth rates well above the sector and a considerable international presence. Innovation is embedded in the DNA of Molecor's business model, seeking solutions that help its purpose: "Improving the quality of life of people everywhere by making affordable water available to them through innovative, efficient and sustainable solutions". The corporate operation is based on a process of continuous improvement that seeks to meet both the needs of the market and to integrate the needs of its customers into the final product. The company has concentrated great effort in technological development with the aim of achieving new solutions and continuing to consolidate its range of products and services.
ABOUT MOLECOR
Molecor Tecnología S.L. is a Madrid-based company dedicated to the manufacturing and sale of PVC pipes and technology. It is the parent company of a group of companies with 8 production plants in Spain, South Africa, Paraguay and Malaysia. Its pipes and fittings are marketed in more than 30 countries around the world. It employs close to 500 people.
ABOUT COFIDES
COFIDES is a state-owned enterprise specialized in the management of State funds that provide medium- and long-term financing for private investments linked to different public policy purposes. COFIDES directly manages funds aimed at supporting the internationalization of Spanish firms, strengthening the solvency of companies severely affected by the COVID-19 pandemic, to attract foreign direct investment into Spain through co-investment deals and to contribute to the growth of the impact investment ecosystem in Spain. In addition, COFIDES supports the management of the financial cooperation portfolio of the Spanish Agency for International Development Cooperation, promoting sustainable development in emerging economies and developing countries. In the ownership structure of the Company, the Spanish State holds 53% of the equity. The remaining 47% is held by Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).
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