Raiffeisenbank (Czech Republic) and NPO Saturn sign agreement on financing delivery of technological equipment

On January 21 in Prague, NPO Saturn and Raiffeisenbank (Czech Republic) signed two loan agreements for a total sum of 4.6 million EUR. These agreements were signed with the aim of financing delivery of equipment made by Aquacomp Hard s.r.o. (Czech Republic) to upgrade production facilities at Saturn.

Aleksey Sobolev, Saturn deputy managing director for economics and finance, said, signing these agreements is the first step to implementing our program on financing delivery of Czech-made equipment. Over the next three years we estimate the total value of these deliveries will exceed 30 million euros. Using such financing tools allows us to significantly reduce expenses on obtaining financing, as well as increasing the loan pay-back period.

Aquacomp Hards equipment has already been delivered and is working well at several company facilities. Saturn has future plans to use Aquacomp hard equipment over the next two years to complete modernization of its galvanizing lines and line on chemical surface preparation.

On January 22 a working meeting was held between representatives of Saturn and Stankoimport, and the head of the export insurers EGAP (Czech Republic). EGAP was represented at the meeting by deputy general director Miroslav Somol. They discussed issues of current cooperation and the potential to develop mutually-beneficial work in 2013-2015, upon signing loan agreements to acquire high-tech European equipment, both for Saturn and UECs Engines for Civil Aviation division.