MND: New Financing Completed
MND concluded a new financing of 38 million euros with the French state and the Auvergne-Rhône-Alpes region as well as with its financial partner Cheyne Capital.
- French government loan of € 18 million, 50% back-guaranteed by the Auvergne-Rhône-Alpes region
- New € 20 million senior loan from Cheyne Capital, MND's financial partner
- Support and acceleration of the group’s global development plan based on the production of cable car, snowmaking, mountain safety and leisure solutions "made in France".
The auf MND Group has concluded financing agreements with the French state through the Fund for Economic and Social Development (FDES), the Auvergne-Rhône-Alpes region and its financial partner Cheyne Capital to obtain loans totaling 38 million euros. With this new financing, the MND Group continues the strengthening of its financial capacities initiated in summer 2019 to support the return to full capacity of the production facilities and to implement the growth plan in the coming years.
Laurent Wauquiez, President of the Auvergne-Rhône-Alpes region, added: "Our guideline is simple, it is that we must mobilize everything for our jobs today. The Auvergne-Rhône-Alpes region has launched a pragmatic economic recovery plan that goes along with EUR 1 billion to support both our small businesses and our industrial flagships, so it is only natural that we have chosen to invest heavily in those who, like the MND Group, not only have French expertise -how internationally, but have also decided to create jobs here by relocating their production facilities.
"That is why I am pleased about our commitment on the side of the state, to support the projects of the MND Group to create more environmentally friendly transport solutions and to participate in our endeavors to make the Auvergne-Rhône-Alpes the world's leading sustainable mountain region."
Xavier Gallot-Lavallée, Chairman and CEO of the MND Group, comments: "The support of the French state, the Auvergne-Rhône-Alpes region and our financial partner Cheyne Capital sends a strong signal to our company, which is a key player in the development of mountain locations and cable car transport in tourist and urban areas, and more generally for the French industrial structure.
"We are currently accelerating the transformation and relocation plan for our industrial operations with the recent and already operational return of all production in France to the Sainte-Héléne-du-Lac plant in Savoy. This plan aims to adapt the organization of the group to the new economic environment and to optimize our ecological footprint.
"In this context, this new financing of 38 M € enables us to support the revitalization of our industrial activities and in particular our development plan in the coming years with the production of "MADE IN FRANCE" products, almost 80% of which are exported worldwide become.
"With the strong support of the French state and the region, the MND Group wants to assert itself over the next few years as one of the flagship examples of French industrial know-how, as a source of job creation in the regional territory and its efforts in the fields Continuing innovation and R&D - 22 international patents to date. "
