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Voith seals syndicated loan to support growth
By Richard Fu |
February 16, 2012, Thursday
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Print Edition
Print Edition
GERMAN industrial conglomerate Voith has sealed a 2.25 billion yuan (US$357 million) five-year syndicated loan facility to help it grow in China.
This is the first financing deal in yuan 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.
The company, which makes hydro turbines and paper-making machines, said it plans to invest around 400 million euros (US$527 million) in China over the next few years and will be largely financed by the new line of credit.
Voith's plans to grow further a paper-making complex in Kunshan, near Shanghai, and raise the staff strength in China to 5,000 by 2016 from under 3,000 now.
This is the first financing deal in yuan 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.
The company, which makes hydro turbines and paper-making machines, said it plans to invest around 400 million euros (US$527 million) in China over the next few years and will be largely financed by the new line of credit.
Voith's plans to grow further a paper-making complex in Kunshan, near Shanghai, and raise the staff strength in China to 5,000 by 2016 from under 3,000 now.
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