Third deal concluded by Cassa Depositi e Prestiti with the funding from the Panda Bond, after the success of the loans granted to UFI Filters and SDF.
The deal, worth RMB 40 million (about €5 million), will support the growth and innovation in China of Fiamm Componenti Accessori, world leader in the production and distribution of horns and antenna systems, with applications mainly in the automotive sector.
The Vicenza-based Group, with over 70 years of history, is currently engaged in the development of innovative design solutions for the current and future characterisation of the sound of electric and hybrid cars. FIAMM, with a turnover of more than €140 million (70% of which is generated abroad), is present in 60 countries, with production plants spread over Italy, the USA, the Czech Republic, Brazil and China. Activities in China began in 2010 and have enabled the company to acquire significant market shares from local car manufacturers and to take advantage of the opportunities offered by the commercial development of the area.
The financing with the Panda Bond will therefore serve to further support the growth of the FIAMM Group in China, to increase production capacity, streamline processes and develop new products and components.
This deal confirms CDP’s role in supporting the internationalisation of Italian companies, especially in a growing market such as China, in line with the objectives of the 2019-2021 Business Plan.