Romanian canned food producer Scandia gets EUR 22 mln loan to refinance debt and invest in 2014

Romanian canned food producer Scandia Food has taken a EUR 22 million loan from local lender Banca Transilvania, and will use the money to pay off existing loans, to improve technical capacity, as well as ensure working capital and cover investments in 2014. With an agreement on the loan reached between the bank and the producer within 45 days, more than half of it – 60 percent – is in Romanian currency. Scandia Food had a turnover of some EUR 44 million in 2012, when it worked with 550 employees. Banca Transilvania has posted a net profit of EUR 54.5 million for the first nine months of the year down around 10 percent from 60.3 million in the same period last year. The bank’s total assets have increased from EUR 6.7 billion to EUR 6.9 billion. editor@romania-insider.com