Vandewiele obtains €100 million loan agreement with European Investment Bank, supported by the European Commission’s Investment Plan for Europe.
€100 million financing will be used to boost its research, development and innovation (RDI) to keep its competitive edge, as well as environmental sustainability investments.
The European Investment Bank (EIB) and Vandewiele (VDW) have agreed a €100 million loan to boost VDW’s investments in research, development and innovation, as well as for improving the company’s carbon footprint. The loan is backed by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe that the European Commission launched in 2015.
The funds will support the ongoing digitalisation which VDW has been implementing in a traditional industry, as well as the development of innovative products. At the same time, the company aims to lower its environmental footprint by reducing its energy use, waste production and use of raw materials, which will also be part of the activities financed under this operation.
European Commissioner for the Economy, Paolo Gentiloni, said: “Thanks to support from the Investment Plan for Europe and the EIB, the Belgian Technology company Vandewiele will be able to boost its investments into innovation, digitalisation and production with a reduced environmental impact. This is a remarkable example of how the EU can help companies invest into future-proof technologies and make their green and digital transition a success."
“The Support of EIB has meant a lot to Vandewiele, which was able to strongly increase its R&D spending in the last years. This has lead to a lot of new and innovative technologies which will power the growth of our company in the following years”. stated Vandewiele CEO Charles Beauduin.
EIB Vice-President Kris Peeters added: “Vandewiele is one of Belgium’s first and foremost family companies, and a leader in its field. One of the goals of the Investment Plan for Europe was to boost research and innovation in the wake of the financial crisis, which is even more relevant now. The Bank is glad to support Vandewiele in its ongoing endeavours to stay at the forefront of the textile manufacturing business, and especially since the company actively implements ways to lower its carbon footprint while doing so.”
This is the second EIB-loan to Vandewiele, which borrowed €100 million in 2015 to support textile machinery RDI and fixed capital investment in advanced manufacturing technologies over the period 2015-2017.
In 2020 alone, the EIB made available nearly €1.3 billion in loans for Belgian projects in various sectors, including healthcare, water management, education and SMEs.
The European Fund for Strategic Investments (EFSI) is the main pillar of the Investment Plan for Europe. It provides first loss guarantees enabling the EIB to invest in riskier projects. The projects and agreements approved for financing under EFSI have so far mobilised €546.5 billion in investment, benefiting more than 1.4 million SMEs.
Vandewiele imagine, build and integrate innovative textile systems for flooring qualities, home linen, fashion fabrics and technical textiles. Sharing inspiration and expertise with their customers worldwide, they shape the textile industry of the future. Creating success for them all, from yarn to finished product.
The EIB will provide a loan of EUR 60m to Hüttenwerke Krupp Mannesmann GmbH (HKM), a German producer of crude carbon steel. The financing aims at modernising an existing integrated steel plant to improve the environmental performance as well as to reduce energy consumption and CO2 emissions through the installation of new equipment. The financing was made possible by the support of the European Fund for Strategic Investments (EFSI). EFSI is the central pillar of the Investment Plan for Europe, under which the EIB Group and the European Commission aim to act as strategic partners to boost the competitiveness of the European economy.
The European Commission and the EIB Group have delivered on their pledge to mobilise €500 billion in investment under the Investment Plan for Europe. Some 1,400 operations have been approved under the European Fund for Strategic Investments (EFSI), using a budget guarantee from the European Union and own resources from the EIB Group. They are expected to trigger close to €514 billion in additional investment across EU countries and to benefit some 1.4 million small and mid-sized companies. In 2017, when the Council and the Parliament agreed to broaden the EFSI’s scope and size, the goal was to mobilise €500 billion by the end of 2020. The money was intended to address the investment gap left as a result of the 2007/8 financial and economic crisis.
The European Commission and the EIB Group have delivered on their pledge to mobilise EUR 315 billion in additional investment under the Investment Plan for Europe, the Juncker Plan. Backed by a budget guarantee from the European Union and own resources from the EIB Group, 898 operations have been approved, which are expected to trigger EUR 335 billion in investment across the 28 EU Member States.