Supplier Sogefi to fund expansion with 215 million euros in loans
MILAN (Reuters) -- Italian partsmaker Sogefi said on Tuesday it had signed two loan agreements for a total of 215 million euros ($287 million) to help fund international expansion.
Sogefi, a filter and suspension systems maker, said in a statement the first loan is a five-year credit facility worth 200 million euros, while the second facility has a four-year maturity.
The company, which will also refinance debt due in 2013, will "ensure funding for the development of the Sogefi group in the medium term, particularly in higher growth emerging markets," it said.
The company reported that its sales through nine months of 2012 rose 21 percent to 1 billion euros while its net income rose 19 percent in the period to 22.4 million euros.Contact Automotive News