Europe’s Investment Bank (EIB) is to finance the innovation strategy of Ames Group, a company which manufactures sintered components primarily for the automotive industry.
With EIB support, the company will be able to implement its plan and expand production capacity in Spain and Hungary.
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To this end, the EIB will provide EUR20m (US$22.3m) in financing to Ames though the Investment Plan for Europe.
The research, development and innovation (RDI) investments financed by the EIB will take place at the Group’s innovation centres in Spain and will focus on the development of new metal powder materials and optimisation of sintering processes.
EIB support will help Ames expand production capacity at its Spanish plants in Barcelona, Montblanc, Solsona and Tamarite. It will also increase capacity of its plant in Hungary.
The project will see 75 people employed until 2022 with a possibility for expansion.
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By GlobalData“We are happy to support a project strengthening the competitiveness of a sector-leading Spanish company that will be able to engage in more efficient and sustainable production thanks to these investments,” said EIB VP responsible for climate action and operations in Spain, Emma Navarro.
“This agreement shows the EIB’s firm commitment to generating employment and innovation by helping to develop new materials, products and processes that facilitate the transition to a low-carbon economic model.
“As the EU climate bank, we are very pleased to support the investments the Ames Group needs to access technologies to help them make their production processes more environmentally friendly.”
For his part, Ames CEO, César Molins added: “This agreement comes at the perfect time for the Group to continue the growth it has seen over the past decade, with the 17,000 m2 expansion of its Spanish production facilities, a new 8,500 m2 plant in Hungary and another 3,000 m2 plant in China, delivering average annual turnover growth of almost 9%.”
The EIB-AMES agreement was signed through the Loans for Mid-caps in Spain and Portugal programme, a dedicated EIB financing facility for mid-caps (firms with up to 3,000 employees).
With the backing of the Investment Plan for Europe, this credit line enables the EIB to support investment in projects which have a higher risk profile, owing to their structure or nature, but contribute to boosting growth and employment.
