Latécoère, a tier 1 partner to major international aircraft manufacturers, has secured €55 million in financing from the European Investment Bank (EIB).
This support will complement the investments scheduled as part of the Transformation 2020 plan which, in a drive for excellence, aims to win new markets by putting a greater emphasis on innovation and to improve industrial competitiveness by introducing upgraded and automated processes.
The EIB-backed initiatives to develop new products and technologies will bolster Latécoère's ambitious industrial projects already in place, including the factory 4.0 in Toulouse (Montredon), which has been recognized as a showcase for the industry of the future (Vitrine Industrie du Futur), and the new production plant in Bulgaria.
At the same time, the Group will restructure its debt by renegotiating its factoring agreement and repaying its syndicated loan.
Together, these financial resources will support the Group's strategy as part of its commitment to implementing an active investment policy.
Yannick Assouad, Chief Executive Officer, Latécoère, said: “We are very proud to have earned the EIB's trust, as their backing confirms Latécoère's credibility and dynamism. The EIB's support offers a perfect fit with our commitment to innovation and industrial performance.”
Latécoère is a tier 1 partner to major international aircraft manufacturers (Airbus, Embraer, Dassault, Boeing and Bombardier), in all segments of the aeronautical market (commercial, regional, corporate and military aircraft), specializing in two fields:
- Aerostructures Industrial (65% of total revenue): fuselage sections and doors.
- Interconnection Systems (35% of total revenue): onboard wiring, electrical harnesses and avionics bays.
At 31 December 2016, Latécoère employed 4,338 people in 8 different countries.
Latécoère, a French corporation (société anonyme) with capital of €188,398,504 divided into 94,199,252 shares with a par value of €2 per share, is listed on Euronext Paris – Compartment B. ISIN codes: FR0000032278 – Reuters: LAEP.PA – Bloomberg: LAT.FP
Sebastien Rouge / Chief Financial Officer
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