ELVALHALCOR : Announcement of a loan agreement for the amount of EUR 65 million
The company under the trade name "ELVALHALCOR HELLENIC COPPER AND ALUMINIUM INDUSTRY S.A." (hereinafter referred to as "ELVALHALCOR S.A.") announces to the investors the signing of a loan agreement for the amount of EUR 65 million with Commerzbank Aktiengesellschaft with maturity up to 10 years. The purpose of the loan is to finance the acquisition and installation of the new four-stand tandem aluminium hot finishing mill in the Oinofyta plant, awarded to SMS Group GmbH.
The loan is ECA-covered from EULER HERMES Aktiengesellschaft acting for and on behalf of the Federal Republic of Germany.
The installation of the four-stand tandem mill is part of the EUR 150 million new investment in equipment, technology and infrastructure, already announced by the Company.
This investment will secure ElvalHalcor’s position as one of Europe’s leading producers of wide aluminium sheet.
This investment allows for the increase of ElvalHalcor’s current presence in aluminium packaging, industrial, transportation and architectural applications and sets the base for expansion in the automotive and aerospace sectors.
The new investment supports the further modernization of the plant, introduces the latest industrial technology, increases energy efficiency and improves the environmental footprint.
The new hot rolling line will start production in the first quarter of 2020.