EximBank finances the increase in Vernicolor’s production growth rate
Bucharest, November 18, 2013 – EximBank backs the development plans of Vernicolor, granting the company an investment loan exceeding 14 million Lei. Vernicolor is a company from Oradea specialized in plastic parts painting for the automotive industry, which applied for the loan with a view to purchasing a new technological line.
Vernicolor, part of the French group bearing the same name, started an investment project aiming to increase the production capacity via the acquisition of a machine for decor chrome plating, more specifically a galvanizing line. As a result, the company will be able to fabricate chrome car parts that are high in demand in the automotive market.
“In times of unremitting reservations to finance companies’ development projects, following many plans that were not finalized because of the crisis, EximBank maintains its pro-business approach, offering its support for projects that bring extra value to companies. Estimates show that the automotive parts industry, one of the key contributors to Romania’s export activity, will continue to attract substantial investment in the years to come. Thus, EximBank positions itself as a viable partner for the development of this sector”, announced Traian Halalai, President of EximBank.
Vernicolor’s investment, that will take place in Oradea, will be made in a new technology for chrome plating through electrolytic deposition of chromium, the latest technique used for anti-corrosion and a shiny aspect in both the automotive and electronic parts industries.
“Since its establishment in 2006, the company underwent a continuous evolution process, with annual development plans in this respect. Throughout the last three years, three painting lines and a robot for one of these lines were purchased. For 2013-2014 we had planned to implement this chrome plating investment project and we are happy to be able to carry through our plan with the support received from EximBank. This investment will help us secure our leader standing in the field of plastic parts painting as well as improve our activity in the German automotive manufacturers’ market (BMW, Mercedes), a strategic market for Vernicolor”, explained Francois Tailbot, Administrator of Vernicolor Romania.
EximBank is a specialized institution whose threefold product portfolio focused on financing, guarantee and insurance, enables it to grant assistance to current activities and development of exporters, SME-s and companies involved in projects pertaining to key economic sectors, particularly those contributing to the absorption of EU funds. The Bank has a network of 16 units in Bucharest, Bacau, Brasov, Buzau, Constanta, Cluj, Craiova, Deva, Galati, Iasi, Oradea, Pitesti, Ploiesti, Targu Mures, Timisoara and Sibiu; also, interested companies may access additional information on www.eximbank.ro.
Vernicolor is a family business established by Victor Champier in France in 1951, whose tradition is carried on nowadays by François Champier, the founder’s nephew. In 2006, the company started to expand abroad, with Romania as its first overseas division. The expansion plan initially targeted Slovakia, but the presence of the Renault group as well as of other automotive companies in the area, cumulated with the competitive labor force, finally pointed out to Romania. Vernicolor’s activity today is carried out in three production plants with 230 employees in Palota, a settlement close to Oradea. The direct exports of the company mount up to 16% of the production, the remainder of the sales being indirect exports and services for internal clients. Besides the company in Romania, the Vernicolor group comprises a company in France and another one in Tunisia, opened in 2008, and totals a turnover of over 30 million euro in 2012 http://www.vernicolor.ro