ANNOUNCEMENT 27 Nov 2020
In November 2020, the European Investment Bank signed a loan to support ZKW Group's research, development and investment programme for automotive lighting systems which is carried out in Austria and Slovakia.
NUMBER OF INTERVENTIONS
European Investment Bank, Project Summary, ZKW AUTOMOTIVE LIGHTING RDI: https://www.eib.org/en/projects/pipelines/all/20190161
European Investment Bank, Project financed, ZKW AUTOMOTIVE LIGHTING RDI: https://www.eib.org/en/projects/loans/all/20190161
European Investment Bank, Press Release from 16 December 2020, Austria: EIB provides €150 million of funding to ZKW Group: https://www.eib.org/en/press/all/2020-370-eib-provides-eur150-million-of-funding-to-zkw-group
On 27 November 2020, the European Investment Bank (EIB) and ZKW Group GmbH signed a EUR 150 million (approx. USD 165 million) loan agreement to support the company's research, development and investment (RDI) programme. More specifically, the loan will be used to develop lighting systems and electronic modules and expand the production facilities in Slovakia by investing in new machinery and equipment. For the latter, approx. EUR 53 million (approx. USD 63 million) is allocated.
ZKW Group, founded in 1938, is an automotive supplier with its headquarter in Vienna, Austria and a production site in Slovakia. ZKW focuses on premium lighting systems such as headlamps and fog lamps, rear lamps, flashers, interior and license plate lamps and electronic modules.
Thomas Östros, EIB-Vice President, is quoted in a press release the following: "for the EIB, the bank of the European Union, innovation is key to economic growth and employment. (...) I therefore very much welcome our new cooperation, in particular with a company, that managed to build up its leading position in the automotive lighting industry through new technologies, which are recognised and used by international premium brands in the car industry."
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