FAIIP approves financing of €59.40 million loan for Latem Aluminum project

The Spanish Government supported Productive Industrial Investment Support Fund (FAIIP), promoted by the Ministry of Industry, Trade and Tourism and managed by the public company SEPIDES, has approved financing through loans for the Latem Aluminum project, endowed with €59.4 million.

The objective is the start-up of a new circular aluminium industry in Castile and León. To this end, the company has undertaken an investment project that will empower it to furnish itself with two production centres, in Villadangos del Páramo (León) and Villabrázaro (Zamora), for the production of secondary aluminium from aluminium scrap and the production of natural and lacquered aluminium coil, respectively.

However, from the production point of view, it will mean more than doubling the company's aluminium production capacity, as well as launching a rolling mill and cutting lines for innovative architectural aluminium products in unusual formats. The company foresees the creation of a total of 251 jobs, 41 in Villangos del Páramo and 210 in Villabrázaro (Zamora).

Reyes Maroto, the Minister for Industry, Trade and Tourism recalled by saying, “This support fund for productive industrial investment is proving to be an effective financing instrument to strengthen our industrial sector and we will continue to approve important industrial projects throughout the Spanish territory.”

“It is further proof of the government's firm decision to contribute to the reindustrialization of our country by generating new productive capacities and quality employment. In addition, the projects that have been approved are very relevant because they are investments in territories such as León, Zamora, Girona, Pontevedra or Murcia where it is necessary to strengthen industrial capacities and with this we contribute to settling the population and combating the demographic challenge.”