ANNOUNCEMENT 29 Apr 2019
In April 2019, the KfW IPEX-Bank announced providing financing to Bocar Group to support its production plant in the United States.
NUMBER OF INTERVENTIONS
KfW IPEX-Bank, KfW IPEX-Bank finances new production plant for automotive components in Alabama, issued on 29 April 2019: https://www.kfw-ipex-bank.de/Presse/News/News-Details_519424-2.html
Bocar Group: http://www.bocar.com/en/about
On 29 April 2019, the KfW IPEX-Bank announced providing financing to Bocar Group to support its US-based production plant. The financial support has a total value of EUR 15.7 million (approx. USD 78.3 million).
The plant produces lightweight aluminium components for the automotive industry. According to KfW, the production plant will support the Group's expansion of its international growth strategy as well as achieving greater energy efficiency in production.
In this context, KfW stated in a press release: "In line with its mandate to promote the German economy, KfW IPEX-Bank is supporting the internationalization strategy of the German-Mexican family business. At the same time, it is making a contribution to sustainability in the automotive industry and thus to environmental protection and climate change mitigation."
Bocar Group is a German-Mexican family business with headquarters in Mexico. The company has 11 production sites in Mexico alongside two development offices in Germany. The company additionally has locations in the United States and Japan. Bocar Group is a producer of aluminium components for the automotive industry.
A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the investment support granted here is discriminatory.