The factory’s production reached approximately 3,000 units.
The company concluded a partnership with lender EximBank, which backs the increase in the plant’s production capacity, by increasing a credit line to approximately EUR2 million and, the plant’s expansion and equipping, via a loan of EUR2 million, to which the company added EUR1.5 million from own funds. The investment has started and is due for completion in 2021.
Upon the completion of the expansion of the production capacity, the company will hire new people to cope with the increase in production and new contracts for orders of EUR20 million per year.
The collaboration between EximBank and Maschio Gaspardo started in 2017, when the former sustained the latter in implementing the biggest investment project worth nearly EUR10 million, which was carried out via a state aid scheme stipulated by law.
Italy’s Maschio Gaspardo Group had a consolidated net profit of EUR8.9 million in 2020, up 50% on the year.