SIMEST, a company that together with SACE forms the CDP Group's export and internationalisation hub, is supporting the Far East expansion of the Fluorseals Group of Bergamo, a leader in the production of polytetrafluoroethylene (PTFE), a material with applications in a wide variety of industrial sectors.
An agreement was signed for the acquisition of 23% of the newly established company Fluorseals Asia Manufacturing Co., Ltd, through the participation of SIMEST in a capital increase in an amount equal to €0.7 million.
The agreement will support the implementation of the group’s international expansion in the Far East, with the creation of a production unit in China. The factory will be built in the Wuxi area (about 130 kilometres from Shanghai) on a 4,000 m2 site. Planned investments in plant and machinery amount to about $3.2 million, of which $1.2 million dollars of Italian technology.
The Fluorseals SpA Group, which has been operating in the province of Bergamo since 1976, has a turnover of almost €70 million and employs over 310 employees. It is one of the main producers of semi-finished products and finished components in polytetrafluoroethylene and ‑ thanks to its constant research activity, conducted in collaboration with universities – is rapidly developing innovative products and new areas for the use of PTFE and fluoropolymers.
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SIMEST is part of the CDP Group, 76% controlled by SACE and invested in by leading Italian banks and business associations. SIMEST and SACE form the export and internationalisation hub of the CDP Group, which offers all the financial instruments to support Italian companies interested in competing and expanding internationally. In particular, SIMEST supports companies throughout their entire international development process, providing soft loans for internationalisation, export credit support and equity investments.