EximBank has granted a 5 Million Euro financing facility to Italsofa Romania, a local furniture company. The funds will cover the necessary liquidity for current business and have been guaranteed by a state aid guarantee issued under the Governmental Program for supporting large companies impacted by COVID-19 pandemic. The guarantee covers 90% of the loan.
„Concluding this financial agreement is a natural follow up of the partnership between EximBank and Italsofa a solid relationship based on our capacity of identifying tailored financial solutions combined with the company’s sustainable business potential. The integrated facility completes the areas that we have covered in the past and we are glad that we can supply to one of the most important players in furniture industry the necessary funding for maintaining the active production chain by securing the liquidity needed for current business.”, said Traian Halalai, Executive President of EximBank.
The highly unpredictable economic pandemic context – that impacted both the distribution and supply chains- represented the main challenge for the furniture manufacturer that implemented several measures to overcome the situation such as costs reduction and strategic improvement of the sales and acquisition processes.
As a result of these strategic efforts, Italsofa Romania recovered the sales decrease registered during the pandemic and estimates for this year an increase of the turnover despite the pressure on the respective industry determined by the increased prices of the materials.
„After twenty years in Romania, Italsofa Romania continues to be a strategic asset on which Natuzzi continues to invest. The Group order flow in Europe continues to be very solid and the industrial capabilities built up in Romania are even more important than in the past to serve the growth in EMEAI area. Natuzzi is very pleased by the new financing facility granted by EximBank that sustains such investment and the positive cash flow that the Company is achieving in this challenging period.”, said Francesco Stasolla, Managing Director Italsofa Romania