Ferpinta invests €50 million to build new factory
“Between 2021 and 2023 Ferpinta will make investments worth €49.98 million, involving a new industrial unit, new products and an increase in current capacity,” the group’s founder explained to ECO.
The metalworking company Ferpinta will invest around €50 million to build a new factory in Oliveira de Azeméis. This investment, to be carried out over three years, should create 14 new work posts.
“Between 2021 and 2023 Ferpinta will make investments worth €49.98 million, involving a new industrial unit, new products and an increase in current capacity,” Fernando Pinho Teixeira explained to ECO. “This investment will also focus on investing in more innovative technologies and integrating them into manufacturing processes, in an integral approach to the Industry 4.0 concept, which enables the company to empower the necessary conditions to develop new, differentiated and innovative products,” added the group’s founder and chairman of the board of directors.
This is one of the investments which the government will grant a tax incentive for. The finance minister João Leão, at the end of last week’s Cabinet meeting, announced the attribution of a maximum tax credit of €92 million to 26 investment contracts that represent a total investment of €937 million in the economy.
The metalworking company will receive a tax credit of €4.99 million and non-refundable support from Compete 2020 of €5.99 million. Support granted to build the new industrial unit dedicated to “handle and transform sheet metal, namely to cut it into different formats and thicknesses”. This unit will be built in the industrial pavilions ordered by Chinese company Wuhan Industries, in the Loureiro industrial zone, an official company source confirmed to ECO. The “Chinese pavilion”, as it is known, was bought by Ferpinta in August last year, in a €13.7 million investment, according to regional newspaper azemeis.net.
Ferpinta is also committed to diversifying production. After the new unit is completed, “the company will be prepared to produce pipes with distinct characteristics, which require a different finish, based on heat treatment, and introduce in its range a product that is currently not produced by the company,” said Fernando Pinho Teixeira. “On an environmental level, this investment will bring gains in production and energy efficiency, by increasing the energy production from renewable sources to be integrated into the production process,” he added.
The investment, which began on October 18 last year, is expected to be concluded by the end of June 2023 and will create 14 new work posts.
