EximBank finances Elba Timisoara by almost 6 Million Euro
Bucharest, December 18, 2019 – EximBank and Elba Timisoara – one of the most important lighting fittings manufacturer in Romania – have concluded a financing agreement amounting at a total value of 5.9 Million Euro for the development of the company’s activity.
The financing from EximBank aims at supporting the necessary investments in order to adjust the Elba product portfolio to the newest demands of the main partners from automotive industry, namely Renault Nissan Mitsubishi Alliance and Volkswagen Group.
“We are glad that through our facilities we are able to support the positive trend both on local and international markets for one of the strongest Romanian brands, with a history of almost a century thus contributing to keeping the tradition going. Having in our portfolio companies from Romanian business elite such is Elba stands for our firm commitment to support the local business environment as well as for our capacity of building a solid win-win relationship with all the active companies. Romanian capital has the necessary strength to create businesses able to compete with traditional multinational companies and EximBank may extend competitive financial solutions for those looking for developing their activity”, said Traian Halalai, Executive President of EximBank.
The main activity of ELBA is focused on lighting solutions for automotive but the company’s portfolio also includes cutting-edge LED technology products for street, industrial, ANTIEX or office lighting. At present, Elba is a main supplier for Automobile Dacia, having a long cooperation of more than 50 years and for other European and international plants of Renault Group. For VW Group, the company in Timisoara supplies components for two divisions – Skoda (8 years cooperation relationship) and Volkswagen, which recently has started to acquire lighting fittings. The company has established with Varroc Lighting Systems, one of the worldwide leaders in automotive lighting a venture company (Varroc-Elba Electronics) that has as main activity production of electronic components.
”In almost one century since its establishment, Elba has managed a continuous change in order to support its business development, successfully adjusting to the industry’s demands through significant investment in innovation and technology. The pace of the automotive industry in launching new models is challenging us to agile re-shaping of our products’ portfolio and we have proved we are capable of responding to their demands. Thus, the company’s DNA is strongly channeled toward anticipating market’s trends and our main clients now acknowledge us for our competencies in design to cost and design to quality but also for our ability to choose and transpose the significant technologies on mass-market. We aim at continue growing, diversifying our clients, products and services thus becoming stronger on our respective market. It is thus critical for us to continue investing and EximBank is a long term partner that supports our planning”, said Bogdan Cocian, CEO Elba.
ELBA has been established in 1921 in Timisoara and is now the most important lighting fittings manufacturer in Romania. The complex activity of ELBA involves specializing the structures and the employees and consequently the development of company’s business segments such as: ELBA AUTOMOTIVE – manufactures lighting fittings for automotive industry, especially headlights and lamps; ELBA LIGHTING – produces lighting fittings and systems for residential, industrial, tertiary and special environments; ELBA MOLDING – provides the molds, tools, plates and various devices for ELBA production facilities and for other local and foreign clients; ELBA LABORATORIES – specialized laboratories for photometric, electromechanical, chemical and metrological validations and ELBA COM – promotes modern lighting solutions with an ecological approach. The company has registered an average growth of more than 12.5% per year during the last 7 years reaching a turnover of 60 Million Euro in 2018 with more than 1.000 employees. The company has become private in 1995 through MEBO (shares acquisition by the management and employees) and now the shareholders are more than 2.000 present and former employees. www.elba.ro