CIE Automotive, a Spain-based industrial group specialized in metal and glass components and subassemblies for the automotive industry, announced it has been granted a US$ 150 million credit facility to support its expansion plans in Mexico.
The company headquartered in Bilbao send a note to stock market regulators in Spain this week indicating that the loan of ten-year maturity was provided by International Finance Corporation and Export Development of Canada (EDC) under “competitive conditions”.
The company’s CEO, Jesus Maria Herrera, stressed that the plans for Mexico imply the opening of 1,000 new job positions and "significant improvements in key aspects" such as energy efficiency or development from a competitive base of local suppliers.
The group also noted that this operation opens the door to a long-term collaboration with multilateral financing institutions in emerging countries, such as International Finance Corporation and EDC.
CIE Automotive, S.A. designs and manufactures automotive components and sub-assemblies, including roof systems, body in white, chassis, and steering products, such as hubs, outer rings and spindles, as well as steering column brackets.
It also supplies exterior/interior trim products comprising arm rests, storage compartments, central consoles, ashtrays, glove compartments, in mold decorations, trim parts, emblems, rear-view mirrors, crossbeams, and front covers.
The group operates 10 plants in Mexico with six of those located in Celaya, Guanajuato; two in Tultitlan, State of Mexico and two production sites in the State of Coahuila in the municipalities of Saltillo and Ramos Arizpe respectively.