German mid-cap Ensinger receives €50m of EIB financing for engineering plastics products
The European Investment Bank (EIB) is providing a €50m loan to Ensinger GmbH, a privately-held mid-cap company in Germany, focusing on the manufacturing of specialised finished and semi-finished high-performance engineering plastics products for a variety of industries and applications. The EU bank's loan is backed by a guarantee from the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe – the Juncker Plan – under which the EIB and the European Commission are working together as strategic partners and the EIB's financing operations are boosting the competitiveness of the European economy.
Ensinger will use the fresh financing for investments in research, development and innovation in the field of high-tech engineering plastics manufacturing and applications, in manufacturing equipment and machinery and in buildings to support the company´s growth over the period 2019-2021. The transaction is the EU bank's first operation with Ensinger.
Commissioner Günther H. Oettinger, in charge of Budget and Human Resources, said: "This is yet another example of how the EU budget – and the Juncker Plan in particular – delivers added value for EU citizens. With today's decision, the EU is creating fresh opportunities for research and innovation in Germany and in Europe and making sure that European companies are in a good position to grow, generate more jobs and expand to new markets."
Peter Kamps, Ensinger Group's CFO, commented: "The further development of processing technologies, new applications and international expansion are key factors in maintaining and consolidating Ensinger's strong global market position. This requires ongoing high investments in research, development, innovation and manufacturing. The long-term EIB loan is a substantial element of our financial structure and will support the funding of the Ensinger Group's growth activities."
About the company
The Ensinger Group is engaged in the development, manufacture and sale of compounds, semi-finished materials, composites, technical parts and profiles made of engineering and high-performance plastics. To process the thermoplastic polymers, Ensinger uses a wide range of production techniques, such as extrusion, machining, injection moulding, casting, sintering and pressing. With a total of 2 500 employees in 33 locations, the family-owned enterprise is represented worldwide in all major industrial regions, with manufacturing facilities or sales offices.
