German investor DEG to provide €20m for mordenising Walton’s production units
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A German lender DEG will provide €20 million long-term loans to electronics and electrical equipment maker Walton for modernising its 19 production units.
The fund will be utilised to invest in capital machinery and equipment, and to modernise the production facilities for expanding its range of products, DEG said in a press release on Wednesday.
The investments will create some 360 direct jobs and a further 1,000 in the sales network. Walton produces refrigerators, freezers, air conditioning, TVs, electrical and electronic household devices.
As Turan Caglayan, head of DEG’s Corporates Project Finance for Europe and Asia Division said: “Walton and DEG have already been working together for many years. With the current financing, we are helping the company to continue its growth course.”
S M Ashraful Alam, managing director at Walton said: “We consider and value DEG as a longstanding partner who has not only provided us with long-term financing but also with technical assistance to improve in areas like corporate governance and working capital management as well as helping us to meet international environmental and social standards.”
DEG in its press release on Wednesday said particularly in the current coronavirus pandemic, DEG is giving Walton the full benefit of its Business Support Services.