Spain: Supporting innovation and climate action - EIB provides EUR 20m in Investment Plan for Europe financing for AMES Group's RDI strategy and expansion
- Jan 13, 2020
The EIB is set to finance the innovation strategy of AMES Group, a company that manufactures sintered components primarily for the automotive industry. With EIB support, the company will be able to implement its innovation strategy and expand its production capacity in both Spain and Hungary. To this end, the EIB will provide EUR 20m in financing to AMES under the Investment Plan for Europe.
- The innovation investments will give the Spanish company access to new technologies for more efficient and sustainable production
- The project will help AMES to expand the production capacity of its plants in Spain and Hungary
- Employment impact: the project will require over 75 people to be employed until 2022 and the expansion of the workforce at its innovation centres
The European Investment Bank (EIB) is set to finance the innovation strategy of AMES Group, a company that manufactures sintered components primarily for the automotive industry. With EIB support, the company will be able to implement its innovation strategy and expand its production capacity in both Spain and Hungary. To this end, the EIB will provide EUR 20m in financing to AMES under the Investment Plan for Europe.
The research, development and innovation (RDI) investments financed by the EIB will take place at the Group's innovation centres in Spain, and will focus on the development of new metal powder materials and the optimisation of sintering processes. As well as improving the company's competitiveness by strengthening its innovative character, the project will help combat climate change. The application of cutting-edge technology will enable the Spanish multinational to engage in more sustainable production, cutting energy and raw material use. It will also be able to manufacture lighter components for the automotive industry, thereby contributing to the development of more environmentally friendly vehicles.
The EIB support will help AMES expand production capacity at its Spanish plants in Barcelona, Montblanc, Solsona and Tamarite. It will also increase the capacity of its plant in Hungary, helping to foster economic growth in EU cohesion regions. The project will have a positive impact on job creation, as it will require 75 people to be employed until 2022, and will make it possible to expand the workforce at the company's innovation centres.
EIB Vice-President Emma Navarro, who is responsible for the Bank's climate action and operations in Spain, made the following comment on this project: “We are happy to support a project strengthening the competitiveness of a sector-leading Spanish company that will be able to engage in more efficient and sustainable production thanks to these investments. This agreement shows the EIB's firm commitment to generating employment and innovation by helping to develop new materials, products and processes that facilitate the transition to a low-carbon economic model. As the EU climate bank, we are very pleased to support the investments the AMES Group needs to access cutting-edge technologies to help them make their production processes more environmentally friendly.”
AMES CEO César Molins said that “this agreement comes at the perfect time for the Group to continue the growth it has seen over the past decade, with the 17 000 m2 expansion of its Spanish production facilities, a new 8 500 m2 plant in Hungary and another 3 000 m2 plant in China, delivering average annual turnover growth of almost 9%.” He added that the agreement with the EIB “will consolidate AMES Group's growth in the coming financial years, enabling it to make another qualitative leap in the various development fronts on which it is fighting to maintain its global technological leadership in materials, machinery, robotics, Industry 4.0 and carbon footprint reduction, pitting it against major international industrial groups.”
The EIB-AMES agreement was signed under the Loans for Mid-caps in Spain and Portugal programme, a dedicated EIB financing facility for mid-caps (firms with up to 3 000 employees). Thanks to the backing of the Investment Plan for Europe, this credit line enables the EIB to support investment in projects that have a higher risk profile, owing to their structure or nature, but contribute to boosting growth and employment.