Spanish defence and security manufacturer Escribano has increased its stake in Spanish technology company Indra to 8%, Escribano announced on 24 November 2023.
Escribano was already Indra’s second industrial partner after acquiring 3.4% of its shares last May. Acquiring an additional 4.6%, however, has shown that it intends to continue growing within Indra to strengthen its position within the Spanish defence sector.
Escribano noted in a press release that its latest move “is a strategic investment operation aimed at consolidating its business position, promoting the creation of new technologies, developing new capacities, and creating qualified jobs throughout Spain.
“The operation will contribute to the development of current and future defence programmes in which the company is involved, both for international and domestic markets,” the company added.
Escribano has already planned other moves to raise its capacity in the defence sector. In Cordoba, for example, the company has said it will invest EUR 20 M in the development of new smart ammunition and rocket launcher technologies, creating more than 200 new highly qualified direct jobs.
Founded in 1989, Escribano has demonstrated an average annual growth rate of around 35% over the last 10 years through the vertical integration of its production capacity and the incorporation of its engineering departments. The company’s workforce has consequently increased in size from 80 in 2010 to more than 750 today and it has invested more than EUR 77 M in Spanish companies over the last three years.
Escribano currently exports to more than 25 countries and plans to close 2023 with a turnover of EUR 120 M.
