Financing for the development plans of Sofima Automotive Filters (Shanghai), a company belonging to the UFI Filters Group. With a loan for RMB 40 million (about 5 million euros) Cassa Depositi e Prestiti is supporting the company's investments in the Chinese market, where it has been since the early 1980s.
The transaction was financed as a result of the provision of the Panda Bond, a CDP bond issue worth RMB 1 billion, to support the expansion plans of Italian companies in China. This is the second initiative completed in a few months, after the loan granted to the SDF Group.
UFI Filters is a global leader in filtration and thermal management technologies, mainly active in the automotive sector. Its products cover 96% of the European car fleet and its technologies can be found everywhere from F1 with Ferrari and other important teams, to the European ExoMars spacecraft.
The company was founded in 1971 in Nogarole Rocca (Verona) and produces 70 million filters every year, generating a turnover of 430 million euros. The Group has over 4,000 employees and its international growth began in China, where it established itself as the first filtration company to enter the Chinese market. It now has over 50% of its staff and 6 plants there.
The Group has doubled its turnover in the last ten years thanks to diversification into international markets and investments in research and development, which have led to the recognition of over 200 international patents.
UFI Filters currently has 18 production sites around the world, located in Brazil, Tunisia, Italy, the Czech Republic, Poland, South Korea, India and China. Further sites are expected to open in the coming months in Asia and Mexico.
Supporting Italian production in its competitiveness and development on international markets is part of Cassa Depositi e Prestiti's goal to promote the innovation, growth and internationalisation of Italian companies. With the UFI Filters financing, CDP has confirmed its role to promote Made in Italy quality across the world and support the most innovative Italian companies.