BSTDB Supports Expansion of the Greek Chemical Company Neochimiki
Press Release | 23-Nov-2004
NEOCHIMIKI L.V.Lavrentiadis S.A, the market leader in the production of detergents for multinationals and private labels as well as the largest distributor of chemical products in Greece, will be soundly supported towards its corporate development by a € 18 million long-term corporate loan provided by the Black Sea Trade and Development Bank (BSTDB). The capital-expenditure plan of Neochimiki involves investments in broadening the production capacity of the plants in Greece, as well as expansion to the Balkans. The maturity of the loan is up to 7 years.
"We support NEOCHIMIKI, one of the best performing companies in Greece, and we do believe that this initiative will pave the way to a long-term cooperation, that will contribute significantly to the economies of our member-countries" remarked Mr. Mikhail Jernov, Vice-President Banking of the BSTD Bank, upon signing the agreement.
Mr. Lavrentis Lavrentiadis, President of NEOCHIMIKI stated that "we consider the BSTD Bank's work crucial to the development of the economies of the Balkans and we are confident that the financing will allow us not only to further expand in the Black Sea region, but also increase our production levels in Greece".
Neochimiki, which started operations almost 30 years ago, has rapidly gained a leading market position in Greece, where it acts as a major supplier of liquid and powder detergents for multinationals and private labels in Greece. The group's growth strategy aims to broaden the company's leading position in the Greek chemical market and at the same time further expand its activities in Southeastern Europe. Neochimiki recently established subsidiaries in Romania, Serbia, Bulgaria and Cyprus.
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 are in Thessaloniki, Greece. With an authorised capital of SDR 1 billion (approx. USD 1.5 billion), the Bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects in the public and private sectors in its member countries. Since the commencement of operations in 1999, BSTDB has approved projects and trade finance operations totaling over USD 675 million. BSTDB is rated Long Term Baa2 and Short Term P2 by Moody's.