SIMEST, which together with SACE forms the export and internationalisation hub of the CDP Group, is strengthening the Mexican presence of Irritec, a company based in Capo d'Orlando (Province of Messina) in Sicily, a world leader in the irrigation sector.
Alessandra Ricci, CEO of SIMEST and Carmelo Giuffrè, Sole Director of Irritec Spa, signed an agreement providing for SIMEST to participate – directly and through the Venture Capital Fund that it manages on behalf of the Ministry for Economic Development – with a €3 million investment in the capital increase of €4 million of the Mexican subsidiary Irritec Mexico Sistemas de Riego headquartered in Queretaro. The company – wholly owned by the Group – has been manufacturing drip irrigation systems since 2001. It produces for the local market and had a turnover of over €26 million in 2017.
The new resources will support Irritec’s development plans for Mexico, based above all on the launch of the new – and very important from the point of view of sustainability and efficiency – recycling of raw materials, which will require an expansion of the current plant for storage needs. The line of drip-irrigation systems for greenhouse crops will also be expanded.
“Having once again supported an example of excellence such as Irritec, an expression of the ingenuity and vision of Italian entrepreneurship, makes us especially proud”, said Ricci. “It confirms our partners' confidence in the tools that SIMEST and the export and internationalisation hub of the CDP Group can make available to them.”
“The CDP Group's export hub has been a partner in our journey of international growth, which today is achieving another milestone, with SIMEST supporting the growth of Irritec Mexico”, added Giuffré. “SACE and SIMEST are key tools for meeting our competitive challenges and seizing opportunities. Above all, however, they are an invaluable opportunity for Italian companies to aggregate strategically and forge a system.”
The partnership between SACE SIMEST and Irritec began in 2010: over the years, the Sicilian company has obtained SACE guarantees for four loans and the investment of SIMEST in Irritec do Brazil (2013) to strengthening Irritec’s position in the South American market.
Irritec Spa, headquartered in Capo d'Orlando (ME) – one of the world's top five operators in the sector – has a leading position in the micro-irrigation market, with the design and manufacture of complete systems for open-field and greenhouse irrigation and for residential uses. The company has a total of 729 employees at seven manufacturing sites in Italy, Spain, the United States, Mexico, Chile and Brazil. Group turnover in 2017 amounted to €155 million, up 6%, of which 72% generated abroad.
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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.