VTB Bank recently signed a four-year loan agreement for $14 million with Juteks RU, a major vinyl floor covering manufacturer, which will use the funds to finance its operations.
Juteks RU is based in Vladimir, Russia, and is part of Beaulieu International Group, a major producer of floor covering headquartered in Belgium.
Established in 2010, Juteks RU uses VTB's cash settlement and currency hedging services and has also taken short-term loans from the bank.
"Working with chemical companies is one of VTB Group's priorities," Mikhail Oseevskiy, the deputy president and chairman of VTB Bank's management board, said. "I believe that working with VTB will help Juteks RU maintain its market standing and promote its growth and development."
Beaulieu International Group has plants in Russia, the U.S., France, Belgium, China, Slovenia and Norway. It is composed of three business units divided into flooring solutions, including carpets, needle felt, cushion vinyl, LVT and wood; granules, including polypropylene granules; and engineered products, including fibers, yarns, technical textiles and technical sheets.
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