Ljubljana, 7 January (STA) – The state-owned SID export and development bank has approved a EUR 3.9m long-term loan to LTH Ulitki for the development of new-generation car engine parts, the bank announced on Monday.
The eight-year loan will enable the company to improve its competitive edge by following the automotive industry’s trend of increasing the efficiency of car engines by reducing their working volume.
The loan will moreover enable the creation of 158 new jobs and increase the company’s recognition abroad.
The loan comes from the scheme for the financing of technological and development projects that is part funded from the budget (EUR 50m) and part from the European Investment Bank (EUR 100m). The combination of financing enables the SID bank to offer loans to companies at lower interest rates.
LTH Ulitki manufactures a range of high specification automotive aluminium and magnesium components such as transmission and engine components, steering and braking systems components. The company generates 97% of sales revenues in EU countries.