Latvian SEB Bank provided a credit line in the amount of 8.5 million euros involved in the export of scrap metal a Latvian company Tolmets. The new credit facility is intended to support the expansion of the export of scrap metal businesses outside Europe in Turkey, India, Vietnam and Taiwan.
In the spring of 2011, SEB banka has provided Tolmets loan of 2.5 million euros, maturing in seven years. This loan was intended to support the company in the targeted expansion of its activities in the Baltic States and is intended for the purchase and installation of production equipment, and trade financing.
Founded in 1998, the company Tolmets is the largest in Latvia and the Baltic States enterprise for processing black and colored scrap metal. In Latvia, Lithuania and Estonia, employs more than 60 points of reception of scrap metal Tolmets. In 2011, 90% of products were exported to Spain, Switzerland, Italy, the Netherlands, Germany, Turkey and the countries of East Asia. In the pre-crisis 2007 the company's turnover reached 87,636 million lats and profit amounted to 1,628 million lats (of 124.24 and of 2.31 million euros, respectively). In the crisis year 2009 turnover of Tolmets fell to 59,734 million lats, but profit increased to 2,593 million lats (84,68 and 3.68 million euros, respectively).
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