Prysmian gets €100m EIB injection
Loan to help fund European R&D activities for four-year window to 2016
Italy-based cable outfit Prysmian Group has secured a €100m loan from the European Investment Bank to fund its European research and development schemes over four years to 2016.
The company said the loan represents about 50% of planned investment expenditure during the period and its global budget for R&D in the window is some €300m.
The EIB loan is intended in particular to support projects developed at Prysmian centres in France, Great Britain, Holland, Spain, Germany and Italy.
Italy, which is due to receive a significant share of the cash, is home to the group's R&D headquarters as well as a number of centres of manufacturing excellence for optical fibre and power transmission cables and submarine systems.
Prysmian Group chief executive Valerio Battista said: "Commitment to R&D is central to developing the strategy being pursued by our group of focusing on high value-added and high-tech businesses and products.
“Our commitment, now even stronger thanks to the EIB's support, is to continue to assist our utilities, grid operator and telecom operator customers with innovative products, services and technologies."
EIB vice-president Dario Scannapieco said lending for R&D is one of the pillars of the institution’s business.
He said: "We are pleased about this operation with Prysmian, an Italian company with a long history but with an important European and international outlook, which places investment in innovation at the heart of staying highly competitive even in economic times when initial signs of recovery are less visible."
Prysmian has 17 R&D centres worldwide, including sites in North and South America and Asia, with 550 researchers and technicians and a portfolio of more than 5600 patents.
Image: the cable specialist will use the loan to fund European R&D (Prysmian)