EximBank is financing Italsofa Romania with 10 Million Euro
Bucharest, September 28, 2015 – EximBank and Italsofa Romania, one of the most important furniture manufacturers on the local market, have concluded a financing agreement allowing the bank to grant a credit line amounting at 10 Million Euro to the company.
The credit granted to Italsofa Romania, the second biggest furniture exporter in Romania, will be used for current business activities.
“EximBank respects its full commitment of supporting the business environment and, by concluding this new agreement, continues to consolidate its position as preferred partner for the business elite. We are convinced that the financing will contribute to the sustainable development of the company, with a direct positive impact on micro and macro economic levels, having in mind that Italsofa is active on one of the few industries that have positively affected the Romanian commercial balance.”, said Traian Halalai, Executive President of EximBank.
Italsofa Romania, member of Natuzzi Group – the biggest furniture manufacturer in Italy, owns a 76.000sqm production facility located in Baia Mare, employing more than 1.200 persons.
The factory produces sofas and the carpentry necessary for building precast parts out of wood being one of the most important greenfield investments in local furniture industry, the total investment value from 2001 up until now overcoming 38 Million Euro.
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 registered in 2014 net profits of 46.6 Million Lei (almost 10.5 Million Euro) and has increased its total exposure towards the real economy at 4.7 Billion Lei, as compared to 4.5 Billion Lei in 2013. The constant positive trend of the bank has continued during the first part of this year, EximBank reporting a net profit of 40 Million Lei at the end of the first semester of the current year, 26% higher than the one registered at the same time last year, in the context of expanding the products portfolio and the territorial coverage.Since 2013, the bank has significantly developed the clients’ portfolio by concluding financial agreements with one of the most representative Romanian business players such as Antibiotice Iasi, Astra Vagoane Calatori, Romcab, Aquila, Romelectro, Adrem Invest, Agricover IFN, Grup Servicii Petroliere or Alro.
About Italsofa Romania
Italsofa Romania is member of Natuzzi Group, the biggest Italian furniture manufacturer, owning factories in China and Brazil. The group started the investment in Baia Mare in 2001, at present the facility producing sofas (representing 91% of the total sales in 2014) and the carpentry necessary for building precast parts out of wood for the entire group. In 2014, the factory in Baia Mare generated 24% of the group’s total income from the tapestry products, reporting a turnover amounting at 303 Million Lei and profits of almost 13 Million lei. The group is now implementing a new production process in Baia Mare, allowing that all the activities related to produce the final product to be integrated in one operation line, in a similar way to the automotive industry. Natuzzi Group has been founded in 1959 by Pasquale Natuzzi, as a small workshop producing leather sofas. Last year, the group operating 7 factories, 12 commercial offices and more than 1.100 selling points has reported a turnover of almost half a billion euro.
Additional details: www.natuzzi.com