Portuguese company Recauchutagem Nortenha plans to enter the Angolan market by investing 1.8 million euros to set up a tyre reconditioning unit, under the terms of an agreement signed Friday at the Mota-Engil group’s facilities in Lisbon.

The Penafiel-based company’s entry into Angola is part of the Internationalising in Partnership programme, that has brought together Mota-Engil Indústria e Inovação, Caixa Capital, and Portugal Ventures (which is the result of a merger of InovCapital, Turismo Capital, and AICEP Capital Global).

José Gomes, of Recauchutagem Nortenha, told Portuguese news agency Lusa that the industrial unit in Angola would work in a very specific area, “and its business will focus on off-road tyres, specifically tyres for mining.”

Recauchutagem Nortenha has annual turnover of 21.5 million euros and exports to the Netherlands, France, the United Kingdom, Austria, Sweden, France and Spain, markets from where it gets 30 percent of its turnover.

The agreement signed Friday was the second as part of the Internationalising in Partnership initiative, and the first, signed on 21 December, 2011, included installing a metal mechanics industrial unit owned by Portuguese company Solargus, in Lima, Peru. (macauhub)