CDP finances the sustainable development of LU-VE Group at lower rates if the workforce grows
40 million from Cassa Depositi e Prestiti to the Varese-based company for investments in new technologies that reduce the environmental impact
- - 40 million from Cassa Depositi e Prestiti to the Varese-based company for investments in new technologies that reduce the environmental impact
- - With an financial formula new to Italy, Cassa will reduce the rate applied to the loan if the employment growth objectives are achieved
Uboldo (Varese), 31 May 2022 – Investing in new cutting-edge technologies to reduce the impact on the environment and increase employment levels in Italy. This is the dual objective of the 40 million euro loan agreement signed between Cassa Depositi e Prestiti (CDP) and LU-VE Group aimed at supporting the growth of the multinational from Varese, which is listed on the Euronext Milan market and is the third largest operator in the world in the air heat exchangers sector.
The loan granted to the Lombard company is also the first to be completed by CDP in which a commitment by the company is envisaged to increase employment levels in Italy, in line with its ESG objectives. Thanks to an innovative financial formula, the agreement provides, in line with the principles of CDP's 2022-2024 Strategic Plan, that upon achieving this target, the company will benefit from a reduction in the cost of financing.
With the resources made available by CDP, LU-VE Group will continue to activate significant investments provided for in the 2022-2023 Industrial Plan, with particular attention to sustainable growth on the domestic and foreign markets. Added to this is the search for cutting-edge technological solutions, such as the progressive use of natural refrigerant fluids instead of hydrofluorocarbons, with the consequent benefit of eliminating or drastically reducing negative impacts on the environment, thus also responding to the green needs of its customers.
LU-VE Group recorded a total turnover of over 490 million in 2021, up 22.6% compared to 2020, with an EBITDA of 60.8 million (+ 34.6%), and has a staff of more than 4,400 direct and indirect workers. With its strong drive towards internationalization, the Group operates all over the world, thanks to a dense network of plants in Europe, China, India and the United States.
Massimo Di Carlo, Deputy General Manager and CDP Business Director, stated: "This is an iconic operation for CDP, because on the one hand we confirm our commitment to Italian companies in their path of national growth and projection on foreign markets. On the other hand, and for the first time, the final rate of the loan is linked to the achievement of a job creation goal: an important new idea which is a stimulus to companies for the operational phase of investments and which will allow Cassa to measure its impact, as required by the three-year strategic plan. A scheme that I hope will be an example for many other companies that focus on sustainability and the quality of their human resources ".
Matteo Liberali, CEO of LU-VE Group commented: “LU-VE Group was born with a vocation for sustainability that it has cultivated throughout its history. The goals we have achieved are also the result of the professional values of an international working community committed to product innovation and business processes. It is thanks to its people and shared values that LU-VE has made all this possible. We want to continue this trend and to do so we need to strengthen our team. We are delighted with the trust and support that CDP has shown towards our projects ”.