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European Bank signs loan for Polish insulation materials company
The European Bank for Reconstruction and Development has signed a loan with Rockwool Polska Sp. z o.o., a Polish joint venture company, established to acquire the assets of ZPMIB IZOLACJA, the country's largest producer of mineral wool. Mineral wool is used as insulation material in the construction industry
The loan of DEM 12 million (ECU 6.2 million) will enable Rockwool Polska to finance the modernisation of its four production lines.
Ron Freeman, First Vice President for Merchant Banking, said "With this loan Rockwool Polska will be able to increase significantly its production rate of mineral wool, improve product quality, and modernise its machinery and equipment to reduce coke consumption and emission of carbon monoxide".
Rockwool Polska is a joint venture between: Rockwool International A/S, a Danish company and one of the world's largest producers of mineral wool (29.5%); the Danish Investment Fund for central and eastern Europe (21%), which specialises in financing joint ventures in central and eastern Europe; and the Polish State Treasury (49.5%). The total project funding, including equity contributions by the shareholders and the EBRD loan, is DEM 36.3 million.
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