SIMEST, a company that together with SACE forms the CDP Group’s export and internationalisation hub, is again supporting the international expansion of Euro Group, a long-time player in the electromechanical sector from Lombardy.
After joining the partner in 4 initiatives to enter markets in Mexico (2005), Tunisia (2011), North America (2014) and China (2016), SIMEST is taking a 30% stake (€5.5 million) in a newly established subsidiary to strengthen the Italian company’s presence in Mexico.
Given the destination country, the direct intervention of SIMEST will also be accompanied by support from the Venture Capital Fund (€1 million), which can be activated in cases of direct investment in strategic geographical areas.
The initiative will enable Euro Group to penetrate a market – electric vehicles – with major growth prospects for the area.
Euro Group. Active since 1967, Euro Group comprises companies in Italy and abroad operating in the electromechanical sector, producing rotors and stators for rotating electrical machines for a range of industrial sectors (automotive, white goods, domotics, power tools, wind generators, electric motors, hermetic motors, etc.). The group employs over 1,600 workers in the 115,000 square metres covered by 10 production plants, with annual steel consumption of 265,000 tonnes. Leading customers include major industrial groups such as Bosch, Siemens, Franklin, Brose, Sisme, Valeo, Vestas, Cummins and Somfy.
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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.