Rovagnati Financing for Vineland Expansion
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UniCredit S p A : Rovagnati US Holding, Inc., US subsidiary of Rovagnati Spa, secures $12 million loan from UniCredit 11/02/2020 | 05:15am EST The operation was concluded thanks to the financial support of UniCredit's New York branch, aimed at the construction of a production plant in Vineland (New Jersey) that will be completed by the first half of 2021. UniCredit has granted a loan of $12 million to Rovagnati US Holding, Inc., the US subsidiary of Rovagnati Spa, a historic Italian company specialised in the production of cured meat products. Founded in Biassono (MB) in 1941 with the production of butter and cheese trading in 1960, the company began producing cured meat products, including the Gran Biscotto cooked ham that is Rovagnati's flagship product, in the midst of Italy's economic boom. During the 2000s, a new and completely automated plant was built in Villasanta to manage production dispatch, while a new factory was built to develop innovative products 'Le Panatine' and 'Snello Gusto & Benessere'. Today Rovagnati exports to several European and non-European countries such as France, Belgium, Germany, Singapore, Hong Kong and the USA. The company's internationalization process and brand growth strategy are also leveraged by acquisitions like Berkel, global meat slicer manufacturer icon. The 5.5-years loan, concluded thanks to the financial support of UniCredit's New York branch, is dedicated to the construction of a production plant in Vineland (New Jersey), which will be completed by 2021. 'The USA represents a great opportunity for quality Made in Italy – said Rovagnati, the Cured Meat market generates an annual turnover of around 24 billion dollars in the country, while imports of cured meats from Italy are just over 120 million euros. The uniqueness of our supply chains and the ability to produce products containing high value content, already appreciated by American consumers, therefore creates a significant development area for the entire category. The new production plant in NJ will allow us to increase our presence in the American continent.' 'UniCredit's support for Rovagnati's US activities – underlines Marco Bortoletti, Lombardy Regional Manager of UniCredit – key Italian player in the agri-food sector, responds to the logic of supporting businesses in our territories and assisting a company with an international vocation, active in a sector which is key and strategic for Italy, in its foreign expansion. The transaction allows UniCredit New York to become a reference bank in the United States for a Group which has important growth projects in the market. UniCredit's pan-European dimension, thanks to the synergy between our Monza and Brianza corporate area and our New York branch, has allowed the identification of the most appropriate financial structure for the entire operation. .