EximBank grants a 5 Million Euro financing facility to Italsofa Romania
Bucharest, 18 August 2021 – EximBank has granted a 5 Million Eur financing facility to Italsofa Romania, one of the largest companies in furniture industry in Romania. The funds will cover the necessary liquidity for current business and have been guaranteed by a state aid guarantee issued under the Governmental Program for supporting large companies impacted by COVID-19 pandemic. The guarantee covers 90% of the loan.
„Concluding this financial agreement is a natural follow up of the partnership between EximBank and Italsofa a solid relationship based on our capacity of identifying tailored financial solutions combined with the company’s sustainable business potential. The integrated facility completes the areas that we have covered in the past and we are glad that we can supply to one of the most important players in furniture industry the necessary funding for maintaining the active production chain by securing the liquidity needed for current business.”, said Traian Halalai, Executive President of EximBank.
The highly unpredictable economic pandemic context – that impacted both the distribution and supply chains- represented the main challenge for the furniture manufacturer that implemented several measures to overcome the situation such as costs reduction and strategic improvement of the sales and acquisition processes.
As a result of these strategic efforts, Italsofa Romania recovered the sales decrease registered during the pandemic and estimates for this year an increase of the turnover despite the pressure on the respective industry determined by the increased prices of the materials.
„After twenty years in Romania, Italsofa Romania continues to be a strategic asset on which Natuzzi continues to invest. The Group order flow in Europe continues to be very solid and the industrial capabilities built up in Romania are even more important than in the past to serve the growth in EMEAI area. Natuzzi is very pleased by the new financing facility granted by EximBank that sustains such investment and the positive cash flow that the Company is achieving in this challenging period.”, said Francesco Stasolla, Managing Director Italsofa Romania
About Italsofa Romania
ITALSOFA ROMANIA, established in 2001 with an overall investment of more than € 38 million by the Natuzzi Group, owns a 76.000 sqm manufacturing facility in Baia Mare, and employs more than 1.000 persons. The factory produces sofas and semi-finished wood products and exports more than 90% of its production. In 2020 ITALSOFA ROMANIA registered a total turnover of 241 Million Lei and profits amounting to 7.8 Million Lei. Natuzzi S.p.A. (“Natuzzi” and together with its subsidiaries, the “Natuzzi Group”), founded in 1959 by Pasquale Natuzzi, is one of the most renowned brands in the production and distribution of design and luxury furniture. With a global retail network of 550 mono-brand stores, in addition to galleries, Natuzzi distributes its collections worldwide. Natuzzi products embed the finest spirit of Italian design and the unique craftmanship details of the “Made in Italy”, where a predominant part of its production takes place. Natuzzi has been listed on the New York Stock Exchange since May 13, 1993. Always committed to social responsibility and environmental sustainability, Natuzzi S.p.A. is ISO 9001 and 14001 certified (Quality and Environment), ISO 45001 certified (Safety on the Workplace) and FSC® certified (Forest Stewardship Council). Currently the Group owns manufacturing units in Romania, China, Brazil, and Italy, employs more than 4.600 persons and has a retail network covering more than 100 countries.
EximBank is a specialized institution that is actively involved in supporting and promoting the Romanian business environment. Its financial instruments are dedicated exclusively to the corporate segment and can be accessed in advantageous conditions by any type of company, whether it is an SME or a large company, conducts international transactions, or addresses the domestic market. The companies also have at their disposal a competitive portfolio of treasury, cash management, trade finance and factoring products, which complete the financing and guarantee offer. At the same time, because it acts as an agent representing the state on the guarantees and insurance market, EximBank is one of the instruments through which public funds, made available by the Romanian state, support the sustainable development of the economy.