The Basque electrical equipment company Grupo Arteche and the Chilean group Ecomac have signed a capital increase agreement by which the Chilean group becomes a partner in the Basque firm, with an investment of around 10 million euros, Basque Television, EiTB, has learned.
The Ecomac Group is a family-owned Chilean company with a business history of 50 years. Although it started its activity in the real estate market, it has diversified its business in recent years and has opened new lines in sectors like finance and services.
On its part, Grupo Arteche is also a family-owned company with 65 years of history, specialising in the electricity sector (third largest manufacturer in the world of instrument transformers), established in eleven countries around the world and a commercial presence in more than 150. In 2015 it invoiced 300 million euros, with 90% of that amount coming from the international market. It has a workforce of 2,100, with 650 direct labour posts in Biscay/Bizkaia.
According to sources consulted, the entry of Ecomac “strengthens the development and growth of Arteche in Chile”, where the Group has had a company since 2011 and where “it has a vocation to grow in a stable, demanding market”. For Ecomac it means its first international investment experience and entry into the industrial sector.
Group Ecomac and Arteche began talks about this operation a year ago and numerous work meetings have been held since then. The operation has received the backing of Biscay Regional Government and the Basque Government Department for Economic Development and Competitiveness.