Merchant bank JP Morgan Chase Europe has made new resources available to the group in the form of a $75m convertible loan, and Fantuzzi has also renewed its existing short-term credit facilities with Italian, German and Chinese banks.
The new financing from JP Morgan will be used to sustain the group’s growth and strengthen its capital resources, and to repay a corporate bond issued in 2001. Long-term financial plans for the group include the future possibility of an IPO.
“These achievements confirm our company’s credibility and the Group’s sound market outlook,” said group chairman Luciano Fantuzzi. “Given the above, we are now in a position to turn back our focus to the operations and to the development of our product range, to create more value for our customers. We will also improve the Group management team by appointing a new CEO with longtime international experience in multinational companies.”
You need a free subscription to read the entire article.
Subscribe
Subscribe for FREE and gain access to all our content.
More than 5000+ articles.