€ 6 million from SACE and Cariparma Credit Agricole for the international growth of Brugola
Deals | 22 September 2015 | SACE
SACE and Cariparma Crédit Agricole have joined forces again to help Italian companies grow. In the latest initiative, SACE is guaranteeing a loan granted by Cariparma Crédit Agricole to Brugola OEB Industriale S.p.A., a company formed by the Brugola family in 1926 at Monza and now world leader in the production of fasteners ("critical" screws) for the automotive industry.
The € 6 million loan is earmarked to sustain the group's development in North America by opening a new production facility in Michigan.
“We are pleased to announce this initiative, an important step in the company's development and thank SACE and Cariparma Crédit Agricole for the confidence placed in Brugola and its international development plans, comfirming our intention to remain a world source of fasteners by exporting a model of success from Italy to the United States," declared company Chairman Egidio Brugola. “Cariparma Crédit Agricole and SACE have proven to be dependable partners for realizing our company projects and have demonstrated an openness to dialogue and an ability to offer concrete solutions.”
Brugola employs over 350 people in four production facilities in Italy and 12 logistics centers worldwide that distribute its products directly or indirectly to its customers’ 57 engine plants. The Michigan facility will be the first production unit abroad and will be strategically placed to better serve the major U.S. auto manufacturers.
This joint initiative confirms the role of SACE and Cariparma Crédit Agricole as privileged partners in support of the internationalization projects of Italian companies.