SIMEST, a company that together with SACE forms the export and internationalisation hub of the CDP Group, is supporting the industrial expansion of Proma ‑ a leading Italian player in the automotive sector ‑ in the Moroccan market.
SIMEST will take an equity stake in Proma Industrie, the Group's local subsidiary, with an investment of around €4 million (including the participation of the Venture Capital Fund, which SIMEST manages on behalf of Italy’s Ministry for Economic Development).
The new resources will be used in the construction of a new manufacturing plant in the industrial zone of Kenitra, in the region of Rabat. The new industrial initiative of the Proma Group is intended to strengthen its presence in a market with major growth potential.
The main customers will be the PSA group and Magneti Marelli.
The recent agreement represents a new stage in a long and fruitful collaboration between the export and internationalisation hub of the CDP Group and the Proma Group: SACE and SIMEST have in fact previously supported the Group's investments in Brazil, Serbia and Argentina. Furthermore, SIMEST already has an equity interest in Proma S.p.A., while SACE – through the Sviluppo Export Fund – has subscribed €10 million in bonds issued by Proma to finance growth in international markets. Finally, SACE and SIMEST recently finalised an agreement to support the Group's supply chain.
The Proma Group was founded in Caserta in 1980. It is active in the automotive sector, to which it supplies metal components including metal structures for seats, suspension systems, car and tire jacks and winches, as well as stamped and sheet metal parts. It operates 26 manufacturing plants in 8 countries and 3 continents, where, in addition to R&D and testing, metal parts are stamped and assembled. The Group’s main customers are OEMs such as FCA, PSA, GM Europe, Renault, VW and others as well as system suppliers such as Magneti Marelli, Lear and Adient.
In 2017 Proma had consolidated turnover of over €600 million, an EBITDA margin of 13.2% of the value of production and net income of about €29.6 million, with 2,521 employees around the world, of whom 1,292 in Italy, where the Group has its headquarters in addition to a strong industrial presence.
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SIMEST is part of the CDP Group, 76% owned by SACE, with leading Italian banks and trade associations among its other investors. SIMEST and SACE form the export and internationalisation hub of the CDP Group, which offers the entire range of 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