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In line with its business orientation to continuously invest in the development of domestic economy, Banca Intesa Beograd has signed a contract with key FIAT suppliers, Italy's SIGIT SpA and HT&L Fitting SpA, under the auspices of its parent group.
- This contract provides a loan to SIGIT SpA from Italy for the construction of a plant for production of plastic parts for FIAT vehicles in Serbia, in the amount of 6.5 million euros. Funds for the construction of a plant for complete wheel assembly for FIAT vehicles in domestic market and the procurement of equipment and installations, worth a total of 2.6 million euros, will be provided by the contract between Banca Intesa and HT&L Fitting SpA. Both contracts signed are for a long-term loan with the repayment period of 10 years - reads the Bank's statement.
Italy-based SIGIT SpA, with its subsidiary in Serbia, is one of the 5 key suppliers of parts for FIAT vehicles. Beside the business in Italy, the company has a production site in Poland where Fiat Panda is produced, as well as production sites in Turkey and Russia. SIMEST, an investment fund of the Italian government, will hold a 49-percent stake in this company's subsidiary in Serbia. The group’s revenues in 2010 amounted to 44 million euros, whereas its EBITDA amounted to 3.9 million euros.
HT&L Fitting SpA is the leader in the provision of complete wheel assembly services in Italy and one of FIAT’s key suppliers in Poland. HT&L Fitting SpA manufactures around 9,000,000 units annually and employs 360 people. In order to diversify its client base, the group is investing in China, and it has also opened a subsidiary in Russia where it supplies Volkswagen and PSA Group. The group’s revenues in 2010 were 8.5 million euros, whereas its EBITDA amounted to 546,000 euros. In line with its business orientation, HT&L Fitting SpA has opened a subsidiary in Kragujevac, in Serbia, which will be engaged in complete wheel assembly for FIAT vehicles produced as of 2012.
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