Italian export credit agency Sace and Crédit Agricole Cariparma are providing a €25mn loan to automotive company Eldor Corporation to support the development of a new manufacturing facility in the US state of Virginia.
Eldor, an Italian company, designs and produces ignition systems, central control units and systems for hybrid and electric vehicles for automotive manufacturers.
The new plant, which will cost US$75mn to build, is the company’s first in the US and will be a production hub for North American countries. It is expected to be up and running next year.
The family-run group has three research and development centres in Italy and four production sites in Italy, Turkey, China and Brazil.
The loan will be issued by Crédit Agricole Cariparma and Sace will guarantee 50% of the amount.