The acquired facilities are located in Celaya, in the Mexican state of Guanajuato, the largest automobile corridor in Mexico, and are a key supplier for Tier 1 companies within the automotive sector, to which they supply a wide range of machining components. The value of the transaction (enterprise value) amounts USD 65.5 million. This integration will complement the group’s machining activities in Mexico and which will allow the company an important future physical and commercial expansion. The Company announced the acquisition of 100% of the share capital of the companies Maquinados de Precision de Mexico S. (From a press release on September 25, 2019) The closing of the transaction is subject to the fulfillment of the usual conditions in this type of transactions and will take place in 2020. It is specialized in the manufacture of gears, whose applications include sectors such as transportation and automotive, as well as industry or robotics. With nearly 300 employees and estimated 2019 sales of approximately EUR 70 million, Somaschini has three production plants, two in Bergamo (Italy) and another one in Indiana (USA). The value of the transaction amounts to EUR 79.6 million. The Company announced the acquisition of 100% of the share capital of Somaschini S.p.A. In Mexico, the group operates 10 plants in Mexico with six of those located in Celaya, Guanajuato two in Tultitlán, State of Mexico and two production sites in the State of Coahuila in the municipalities of Saltillo and Ramos Arizpe respectively. The group has 98 production plants in 17 countries and employs more than 23,000 people. It is a global supplier of components and sub-assemblies for the automotive market that offers a business model based on the diversification of technologies, customers and geographies, which gives it a unique positioning and allows it to supply a wide variety of products to diverse customers located in the main world markets. “In a context of diversification of the Group’s funding sources, we thank COFIDES for its firm commitment to the CIE project, facilitating this funding for the expansion and modernization of our productive capacity in Mexico, and ultimately reinforcing the competitiveness of the Spanish automotive industry in a global sector like this one,” said Jesús Maria Herrera, CEO of CIE Automotive.ĬIE Automotive is an industrial group specialized in high added value processes based in Bilbao. In addition, he added that “the group’s international growth favors its competitiveness at the same time as it contributes to the creation of quality employment”.
The President of COFIDES, José Luis Curbelo, stressed that CIE Automotive is committed to R&D in order to develop innovative and efficient products that place the Spanish automotive sector in positions of global leadership and respond to the interests and new demands of the market. With these investments, CIE Automotive will be able to expand the capacity of these plants and meet the demands of new customers.ĬOFIDES and CIE Automotive have collaborated since 2004 in various projects to support the group’s international strategy in Mexico, the Czech Republic, Lithuania and Romania. It was with this plant that CIE Automotive began its activity in Mexico in 2003, when it also had the support of COFIDES.Īnother 18.5 million euros (US$20.8 million) will be allocated to CIE Pemsa, a plant specializing in production processes of stamping, assembly and painting, and 10.5 million euros (US$11.8 million) to CIE Nugar, located in Tultitlán, State of Mexico, dedicated to stamping and assembly. The facility is dedicated to metal stamping and high-pressure aluminum die casting.
Thus, COFIDES will provide 50 of the more than 75 million euros of total investment required by the projects.Īccording to a statement, 21 million euros (US$23.6 million) will be allocated for the execution of new projects at CIE Celaya, one of the six plants the company operates in Celaya, Guanajuato. The financing will be made through three co-investment loans charged to the own resources of COFIDES and the FIEX, which COFIDES exclusively manages on behalf of the Secretary of State for Trade. The President and CEO of COFIDES, José Luis Curbelo, and the CIE Automotive CEO, Jesús Maria Herrera, signed the financing agreements at the COFIDES headquarters in Madrid in the presence of the Minister of Industry, Trade and Tourism, Reyes Maroto, and of the President of CIE, Antón Pradera. Compañía Española de Financiación del Desarrollo (Cofides), a development bank comprised of public and private funds that supports the internationalization of Spanish companies, announced it has granted a 50-million euros credit line (around US$56.2 million at current exchange rate) to automotive supplier CIE Automotive for investment plans in Mexico.
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