ALSINA CONTINUES ITS INTERNATIONAL EXPANSION WITH FINANCIAL SUPPORT FROM COFIDES
The company contributes 2 million euros to COFIDES ‘own resources to boost its implementation in Mexico
COFIDES will collaborate with Alsina Formworks S.A. to strengthen its internationalization in Latin America.
Thus, it will grant a co-investment loan of 2 million euros from its own resources in order to support the growth of its activity in Mexico. The total amount of the operation, together with the contribution of the promoter, amounts to 4 million euros.
This is the fourth project in which COFIDES and Alsina Group collaborate after contributing to the expansion of the Catalan company in Peru, Chile and Southeast Asia.
The operation has a strong strategic character as Alsina is undertaking a major investment effort to establish the company in new countries through its own subsidiaries. To do this, the group has invested in its subsidiary in Mexico in order to position products in the country through its own facilities, personnel and stocks.
After signing the financing agreement, COFIDES President, Salvador Marín, highlighted Alsina’s international growth in recent years and stated “companies that invest abroad also strengthen the position and activity of their headquarters.”
Alsina’s Group CEO, Josep Alsina, expressed Mexico ‘strategic nature and its enormous potential. “Our commitment to Mexico is a long term one. 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 bring a lot of technology, productivity and security with our systems and technical solutions.”
Alsina Group is a 100% family business founded in 1950, whose main activity is the rental of formwork systems and solutions totally focused on the customer. Thanks to its commitment to R & D, the company develops technologically advanced formwork systems and solutions; some of them becoming “market standards”. Another great key to its success is a consolidated and highly committed team that is excited about the project.
Through its organic growth and its own subsidiaries Alsina has presence in more than 15 countries an employs more than 700 people, 15 of which belong to the initial Mexican team. Currently more than 70% of the company turnover comes from international markets.
COFIDES is a public-private partnership that since 1988 offers financial support to Spanish companies investments abroad. It manages exclusively FIEX and FONPYME funds on behalf of the Ministry of Commerce, attached to the Ministry of Economy, Industry and Competitiveness. Banco Bilbao Vizcaya Argentaria (BBVA), Banco Santander, Banco Popular, Banco Sabadell and CAF-Development Bank of Latin America also participate in its shareholding.