SACE, which with SIMEST forms the export and internationalization hub of the CDP Group, has finalized a € 3 million deal to support Toscotec’s exports to Argentina.
Specifically, with the support of SACE, the Lucca-based company has insured an order for tissue paper-making machinery for an Argentine company against the risk of default due to political and commercial events.
Toscotec, formed in 1948 inside the papermaking district of Lucca, is a leader in the production of machinery for processing tissue paper and paper for industrial uses. Innovation, technological know-how and eco-friendliness have always been the leading values of the company. In addition to its domestic facilities, Toscotec operates internationally through subsidiaries in China and the United States.
The company is a long-standing client of SACE SIMEST. In fact, Toscotec has been utilizing the export and internationalization support of SACE and SIMEST since 2005.
This initiative confirms the support of SACE to Italian companies desiring to approach the Argentine market. Even though that country offers, good prospects and opportunities for export and internationalization, its economy is still experiencing some difficulties. SACE estimates projected annual growth of 3.6% for Italian exports to Argentina to 2020, particularly in the sectors of capital machinery, renewable energy, construction, automotive and components, infrastructure, and oil & gas.