EBRD lends EUR 25 mln to aircraft parts producer
The European Bank for Reconstruction and Development (EBRD) has awarded a EUR 25 million loan to Universal Alloy Corporation Europe (UACE), which specializes in producing aluminum parts producer for the aircraft industry.
The company has a factory in Maramures, nortern Romania. The credit represents an extension of a loan EBRD granted to the company in 2012.
The company needs funding because it plans to expand its production capacity due to the higher demand from aircraft producers. UACE will also support the introduction of innovative technologies, reads the EBRD press release.
The company was set up in Romania in 2008. It is the local subsidiary of the Swiss-Austrian group Montana Tech Components. It provides aluminum parts to aircraft producers such as Airbus, Boeing, Bombardier, and Premium Aerotech.
UACE had a turnover of EUR 45.7 million and a net profit of EUR 8.1 million in 2015. It had 840 employees.
(photo source: Universalalloy.com)