TMG Automotive with support from the European Investment Bank to innovate in automobiles textiles
The European Investment Bank (EIB) will lend EUR 25 million to TMG Automotive to implement innovative and sustainable automobile textiles manufacturing processes. The investment plan of the Vila Nova de Famalicão company foresees an increase in production capacity and will create 160 jobs, the European Commission's representation in Portugal said Monday in a statement.
The loan is made under the European Union budget under the European Fund for Strategic Investments, known as the Juncker Plan.'
According to the statement, TMG Automotive will use the funding to "implement its research and innovation strategy, focusing on the use of new technologies that reduce the environmental impact of the textile manufacturing processes for the automotive industry."
In order to be prepared to compete in a high-demand sector and to meet the needs of the market in the future, the famalicense company will also expand its productive capacity. "The program will be implemented by 2020 and will contribute to the preservation of quality jobs: the TMG group currently has 1.400 workers and will create 160 new jobs at TMG Automotive's newest industrial unit," the statement said. "The investment program will promote the sharing of knowledge within the European automotive industry, where TMG is a prominent player in the production of components", underlines the European Commission's representation in Portugal.
The agreement on this loan was signed by BEI Vice-President Emma Navarro and TMG Automotive President Isabel Furtado. The famalicense businesswoman explained that "As a member of the UN Global Compact, TMG Automotive is deeply committed to complying with the ten principles of this Pact, with a focus on human rights, labor practices, environmental protection and the fight against corruption, as well as support the United Nations Sustainable Development Goals. "
"To ally human rights to sustainable economic growth and environmental protection is crucial to the future of TMG Automotive," said Isabel Furtado.