Italian-owned sofa producer gets EUR 5 mln loan from Romania’s Eximbank

Romanian state-owned lender EximBank has granted a EUR 5 million financing facility to Italsofa Romania, one of the largest companies in the furniture industry in Romania, controlled by Italian investors. The funds will cover the necessary liquidity for current operations.

The loan is 90% guaranteed by the Romanian state under the Governmental Program for supporting large companies impacted by the COVID-19 pandemic.

Italsofa Romania says it recovered the sales decrease registered during the pandemic and estimates a turnover increase this year despite the pressure on the furniture industry determined by the higher prices of the materials.

“After twenty years in Romania, Italsofa continues to be a strategic asset in 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 the EMEAI area,” said Francesco Stasolla, Managing Director Italsofa Romania.

The company owns a 76.000 sqm manufacturing facility in Baia Mare, where it has over 1,000 employees. The factory produces sofas and semi-finished wood products and exports more than 90% of its production.

In 2020, Italsofa Romania recorded a turnover of RON 241 million (EUR 49.5 mln).

(Photo source: Eximbank.ro)