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.
More Stories
- EUROPEAN INVESTMENT BANK: Bosnia and Herzegovina: EIB provides €340 million to advance works on northern part of Corridor Vc
- ABN AMRO SERVICES COMPANY: Fempower Your Growth: like tindering with female entrepreneurs
- EUROPEAN INVESTMENT BANK: Egypt: Team Europe - EIB and Banque Misr work together to support private businesses and speed up the recovery of SMEs from COVID-19
- ASIAN DEVELOPMENT BANK: ADB, NNS Sign Loans to Build Milestone Solar Power Project in Uzbekistan
- ASIAN DEVELOPMENT BANK: $123 Million ADB Loan to Help Build Elevated Walkways in Manila
- EUROPEAN INVESTMENT BANK: Germany: EIB provides €15 million of funding to IDnow
- ASIAN DEVELOPMENT BANK: CAREC Endorses Long-Term Strategy to Promote Safe, Sustainable, and Inclusive Tourism
- EUROPEAN INVESTMENT BANK: EIB Group provides €150 million to support artificial intelligence companies
- ASIAN DEVELOPMENT BANK: ADB Approves $430 Million to Help Rehabilitate Power Distribution Networks in Uttar Pradesh, India
- EUROPEAN INVESTMENT BANK: Greece: EIB backs EUR 470 million road safety scheme