A 6 million euro loan will support the group’s business plan aimed at growing the circular economy and innovating and diversifying its product range
In keeping with its mission of supporting growth-oriented companies through sustainable development plans, illimity Bank has granted a 6 million euro loan with a 6 year duration to support the Fiorano Modenese-based LB Group’s new industrial development plan. Following the acquisition of a controlling stake by Astraco and the completion of the corporate and management restructuring, LB has placed environmental, social and economic sustainability at the centre of its growth strategy. The group’s current goals are to establish a greater presence across diversified sectors, to develop new product ranges for the ceramic industry and to implement systems for the recovery and treatment of waste in the context of a circular economy. As well as strengthening the group’s financial position, the loan from illimity will enable it to make the investments needed to achieve its strategic goals.
I am delighted with the hard work we have been doing over the past few months and the confidence illimity has placed in the entire management team. There are signs of recovery in the Italian and international ceramic industry, and I am convinced that the LB Group is well positioned to meet the challenges of the future commented the group’s CEO Corrado Fanti.
The LB Group, whose subsidiaries include Sermat, Sitec, LB USA, LB Spain and LB India, operates not only in the core business of plants for ceramic raw material treatment but also in the sectors of premixed construction materials, mining, fertilisers, pet food and the treatment and recycling of plastic waste and ash. The Group posted revenues of around 30 million euros in 2020 and continued to invest in R&D despite the impact of the pandemic.