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BUCHAREST (Romania), December 19 (SeeNews) - Romania's EximBank said it is lending 5.9 million euro ($6.6 million) to lighting fittings manufacturer Elba Timisoara which the company will use to finance its investment programme.
The financing from EximBank will support the investments needed for adjusting Elba's product portfolio to the newest demands of its main partners from the automotive industry, namely Renault Nissan Mitsubishi Alliance and Volkswagen Group, EximBank said in a statement on Wednesday.
"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," EximBank executive president Traian Halalai said.
Elba's activity is focused on lighting solutions for the automotive industry but the company’s portfolio also includes LED technology products for street, industrial and office lighting. At present, Elba is a main supplier for Automobile Dacia and other European and international plants of Renault Group. For VW Group, the company supplies components for two divisions – Skoda and Volkswagen, which recently started to acquire lighting fittings.
ELBA was established in 1921 and currenlty employs over 1,000 at its factory in Timisoara , western Romania. In September 2018, it signed a joint venture agreement with US automotive lighting solutions provider Varroc Lighting Systems to start producing electronics locally.
The company posted an average growth of more than 12.5% per year during the last 7 years, reaching turnover of 60 million euro in 2018.