EIB and Tubacex conclude €65m loan agreement
The European Investment Bank (EIB) and Tubacex, a leader in the manufacturing of stainless steel and high-alloyed seamless tubes, have concluded a €65m loan agreement in support of Tubacex’s RDI.
EIB vice-president Román Escolano and Tubacex CEO Jesús Esmorís signed the finance contract on Monday (21 December) in Madrid.
In line with Tubacex’s strategic planning, the EIB loan will help the company to diversify into higher value added products and services. It will finance RDI in the area of new steel products and qualities along with innovation and the improvement of production process.
Commenting on the loan, Escolano stressed “the importance of RDI investment, which is a priority objective for the bank and the EU in fostering the knowledge economy and enhancing the technological capacity of innovative companies”.
Esmorís added that the loan would provide a boost in one of the company’s priority areas: “This agreement will underpin the development of innovative solutions for our customers, enabling us to take a qualitative leap from our traditional offer into higher value added products and services.”
This is the first operation that the EIB has signed with Tubacex. The investments financed will be carried out at the company’s existing facilities, mainly in Spain but also in Austria and Italy, over the period 2015-2019.
By financing these RDI investments, the EIB is supporting Tubacex throughout its economic cycle by strengthening it on its growth path and helping to safeguard skilled research jobs.
Tubacex’s R&D project is receiving the support of InnovFin – EU Finance for Innovators, a new range of EIB Group products backed by the financial instruments of the EU’s Horizon 2020 programme and designed to facilitate innovative companies’ access to finance.
