Spain’s Gestamp Corporation, which specialises in metal components for the auto industry, has secured funding of EUR175m (US$250m) from the European Investment Bank (EIB) and Spain’s financial agency, the Instituto de Crédito Oficial (ICO). The EIB is providing a EUR125m loan with the balance from the IOC.
The money will be used to support research into lighter and safer metal components and to help Gestamp expand in other EU countries, notably Hungary and Slovakia, with new plants also planned for the Czech Republic and Romania. Gestamp is also expanding its activities into Turkey. In all, around 400 new jobs are expected to be created in these countries between now and 2014.
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Gestamp Automoción, founded in 2002 and based in Abadino, Spain, engages in the design, development, manufacture, and supply of metal components and structural systems for the automotive industry. Its products include skin and moving parts, body components, chassis, bumpers, and dashboard crossbeams. The company has centres in Argentina, Brazil, Mexico, France, Germany, Hungary, Poland, Portugal, Russia, Spain, Sweden, Turkey, the UK, China, India, Japan, and Korea.
