BSTDB Supports Strategic Investments of ALUMIL S.A., a Major Greek Industrial Company
Press Release | 13-Oct-2003
ALUMIL S.A., the largest aluminum-extrusion company in Greece, will be soundly supported for its substantial investments plan thanks to a € 20 million long-term corporate loan provided by the Black Sea Trade and Development Bank (BSTDB). The capital-expenditure programme of ALUMIL S.A. involves investments in new equipment and industrial sites in Greece, Albania, FYROM, Serbia, Romania and Bulgaria, which will result in significant improvement of ALUMIL's competitive position in the Balkans and Black Sea markets. The maturity of the loan is up to 6 years. ALUMIL foresees significant economies of scale deriving in its functional, investment and financial operations from the BSTDB loan. Furthermore, cost reduction is anticipated due to favorable loan terms and long term external financing is moving at a higher level than short-term.
"We are supporting ALUMIL, one of the best performing companies in Greece. This project gives a further boost to its efforts to diversify its production base", said Mr. Mustafa Gürtin, President of the Black Sea Trade and Development Bank, signing the loan agreement. "The financing will allow us to proceed further with our strategic investments; this will offer a developmental effect in the economies of the region's countries, since our strategy targets -among other fields- continuing expansion in the Black Sea region". Mr. George Milonas, ALUMIL's President & CEO, said.
With the loan to ALUMIL, BSTDB has now approved a total of € 75 million to Greek industrial companies for regional expansion and investments in South Eastern Europe and the greater Black Sea Region. Greek companies are also the main beneficiaries of the 1.3 million Euro Technical Assistance Fund provided by the Hellenic Republic and managed by the Bank.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. With an authorized capital of SDR 1 billion (approx. USD 1,4 billion), the Bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects supporting both public and private enterprises in its Member Countries. Since the commencement of operations in 1999, BSTDB's Board of Directors has approved more than 50 projects and trade finance operations totaling over USD 500 million.
ALUMIL S.A. is listed among the top European aluminium extrusion and profiles production group creating production sites, large sales networks and warehouses for products targeting architectural & industrial uses, shipping industries, transportations, etc. With 27 subsidiaries, 20 of which are spread throughout Europe, Africa and the Middle East, production sites in four Hellenic industrial areas, Romania (Filipesti), Bulgaria (Varna) and during 2003 in Serbia and Albania, ALUMIL has successfully infiltrated into 45 markets in Europe, the Balkans, the M. East and the U.S.A. A significant competitive advantage for ALUMIL remains its widespread sales network in every client-country and in Greece as well. Mother company was founded in 1988 and since 1998 is listed in the Athens Stock Exchange. Included three times in GrowthPlus' Europe's 500, ALUMIL's Group sales exceeded 126,5 m euros in 2002, while net profits (before taxes and minority interests) exceeded 10,4 m euros.