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German conglomerate Voith secures yuan loan facility
By Richard Fu |
February 15, 2012, Wednesday
|
Online Edition
Online Edition
GERMAN industrial conglomerate Voith has secured a 2.25 billion yuan (US$357 million) five-year syndicated loan facility to support its growth in China.
This is the first financing deal denominated in the local Chinese currency for the family-owned company. The lenders include Citibank (China), Industrial and Commercial Bank of China, Commerzbank AG, HSBC Holdings, Standard Chartered Bank, and Australia & New Zealand Banking Group, Voith said in a release.
Voith, which makes hydro turbines and paper-making machines, said it envisages investment in China amounting to around 400 million euros (US$527 million) over the next few years, largely to be financed by the new line of credit. The plans include the further expansion of a paper-making complex in Kunshan, near Shanghai.
Voith also aims to increase the number of employees in China to 5,000 by 2016 from just under 3,000 currently.
This is the first financing deal denominated in the local Chinese currency for the family-owned company. The lenders include Citibank (China), Industrial and Commercial Bank of China, Commerzbank AG, HSBC Holdings, Standard Chartered Bank, and Australia & New Zealand Banking Group, Voith said in a release.
Voith, which makes hydro turbines and paper-making machines, said it envisages investment in China amounting to around 400 million euros (US$527 million) over the next few years, largely to be financed by the new line of credit. The plans include the further expansion of a paper-making complex in Kunshan, near Shanghai.
Voith also aims to increase the number of employees in China to 5,000 by 2016 from just under 3,000 currently.
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