F. Arizmendi was one of the older manufacturers of firearms in Spain and, in general, guns made by them are definitely of superior quality compared to many other Spanish manufacturers. Arizmendi made Bodeo revolvers under for the italian government during WWI and they usually show superior workmanship that comparable Italian made guns.
Arizmendi did, in fact, last until 1970, and sold guns under the "Fast" brand name (among others) as well as the "LUR Panzer," a copy of the Erma AP22 pistol.