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European Bank signs first loan in Poland's heavy industry sector
The European Bank for Reconstruction and Development has signed a loan agreement with ABB Dolmel, a Polish joint venture between the ABB Group and Dolmel Spolka z o.o.. This is the first loan that the Bank has made in Poland's heavy industry sector and the first transaction made with the ABB Group.
The US$ 6.6 million loan will be used to expand the existing production facility for air- and water-cooled turbo-generators. The aim of the investment programme is to expand ABB Dolmel so that it becomes one of the leading producers of power generators in the ABB Group with a major market share in the power generation industry in Central and Eastern Europe and in the Polish market for retrofits.
"We have made a firm commitment to restructure the heavy industry in Poland. It is a high value industry and vital for the Polish economy. Our hope is that other investors will be encouraged into this area," Ron Freeman, First Vice-President for Merchant Banking, said.
"We are very pleased that our first transaction in this sector has been with the ABB Group. It shows that complex restructuring is possible and is a significant development for both western and eastern partners," he continued.
ABB Poland's Country Manager, David Hunter said "The investment programme in ABB Dolmel is of key importance to ABB and marks a confirmation of the continuing build-up of our Polish companies towards state-of-the-art manufacturing facilities."
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