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The SACE Polo SIMEST and Iccrea BancaImpresa charge up the Vicenza-based Elettra 1938

The operation is aimed at supporting the company's investment plans through 2021. In addition to Iccrea BancaImpresa, CRA di Brendola and BCC San Giorgio Quinto Valle Agno are also involved in the €12 million loan backed by a SACE guarantee.

SIMEST has subscribed a capital increase of 35% of the Chinese subsidiary for €5 million.

26 April 2018

Rome - Vicenza, 26 April 2018 - SACE SIMEST, which together form the export and internationalisation hub of the CDP Group, together with Iccrea BancaImpresa and 2 mutual banks, are supporting the internationalisation of Elettra 1938, a multinational company based in Vicenza that operates in the manufacture of batteries and accumulators for the automotive sector and other industrial uses.

More specifically, SACE and Iccrea BancaImpresa, the latter leading a pool of mutual banks consisting of CRA di Brendola and BCC San Giorgio Quinto Valle Agno, finalised a €12 million loan - backed by a 50% SACE guarantee – to support the company's 2018-2021 investment plan, which provides for the improvement of the efficiency and production capacity of plants located mainly in Switzerland and Brazil, as well as the establishment of a new production hub in Mexico.

On its part, SIMEST has provided a €5 million capital injection to take a stake of 35% in the Chinese subsidiary, supporting the investment program of the industrial group. The funds will go towards increasing the production capacity of the Chinese plant - located in the Wuhan industrial park, capital of the Hubei province in central China - and thereby meet demand in the local market and other Asian markets, which are characterised by high rates of growth.

Already a leader in the market for acoustic signalling devices and lead batteries, since 2010 Elettra has developed a green sector dedicated to the manufacture of sodium and nickel chloride batteries for energy storage applications and the sustainable mobility sector. This has enabled the company to offer an innovative and eco-sustainable product thanks to advanced zero-emission technology. Through its subsidiaries, Elettra 1938 operates in 60 countries on four different continents, with 7 manufacturing sites in Italy, Switzerland, the United States, the Czech Republic, Brazil and China, and 2 research and development centres in Italy and France, employing around 1,500 personnel and generating a turnover of over €250 million.

 

 

 

Contact details for the media

SACE | Ufficio Stampa

T. +39 06 6736888

ufficio.stampa@sace.it

 

 

Contact details for the media:               

Tel: +39 06 68635.777

ufficio.stampa@simest.it

Twitter: @SIMEST_IT

 

Contact details for firms

SACE | Customer Care

Toll free 800 269 264

info@sace.it

 

 

SACE, a wholly-owned subsidiary of Cassa Depositi e Prestiti, offers export credit services, credit insurance, protection of foreign investments, financial guarantees, bonding, and factoring services. With €87 billion in transactions insured in 198 countries, it supports the competitiveness of companies in Italy and abroad, ensuring more stable cash flows and transforming the default risk of companies into development opportunities.

SIMEST, 76%-owned by SACE, with leading Italian banks and trade associations among its other investors, supports companies throughout their entire international development process, providing soft loans for internationalisation, export credit support and equity investments.  Together, SACE and SIMEST form the export and internationalisation hub of the CDP Group.

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