TUBACEX signs a loan agreement with ICO
12 July 2019
TUBACEX, a global leader in the manufacture of stainless steel and high-alloyed seamless tubular products, and the “Instituto de Crédito Oficial” public business institution (ICO) have signed a loan agreement for 30 M euros to promote the group's growth and diversification strategy.
This loan represents important support for the TUBACEX commitment to the development of tubular solutions with a high technological value, fostering its strategy as a supplier of comprehensive services. It will be used to finance the acquisition of the NTS MIDDLE EAST, FZCO company (Nobu Group).
The financed activities will have an impact on the group's global performance, consolidating the company's position in key markets and enabling it to extend its range of products and services, including components of extremely high technological value.
This loan falls within the ICO strategy of offering support for the internationalization of Spanish companies and supplements the funding granted by the European Investment Bank (EIB) and “Compañía Española de Financiación del Desarrollo” (COFIDES) among other entities, to the TUBACEX growth plan.