The European Investment Bank (EIB) and the Carraro Group, a leader in transmission systems for off-highway vehicles and specialised tractors, today signed a 7-year loan agreement worth 50 million Euros to support the Group's R&D projects.
“Thanks to the European Investment Bank, we will be able to significantly accelerate our development plans,” said Enrico Carraro, Group Chairman. “In a context that will see us investing heavily in the coming years in electronics, hybrid and electric traction systems, as well as in the digitalisation of our production processes, the support of the EIB is now a key element in our growth path.”
“The EIB is a primary partner with which we intend to share a concrete and profitable long-term path,” added Enrico Gomiero, CFO and Carraro SpA Board member. “On the one hand, this loan is a key to speed up our innovation processes and, on the other, it enables us to improve our financial structure in view to achieve a more balanced future growth.”
This operation, made possible by the effective teamwork of Carraro staff, who adequately responded to the technical analysis carried out by the EIB in recent months, will enable the Group to give further impetus to its innovation activities, with particular reference to the most strategic business areas.
More specifically, thanks to the EIB loan, Carraro will focus on three priorities in the coming years:
- electrification and hybridisation of off-highway vehicles with the aim of designing and implementing new traction systems for agricultural tractors and construction equipment, as well as tractors for specialised crops in a hybrid version.
- highly efficient transmission systems, including the new family of continuously variable transmissions for tractors up to 120 hp and the renewed transmissions for construction equipment, with a specific focus on India as a market with great potential.
- digitalisation, i.e. evolution of the Group's information technology infrastructure with a 4.0 approach, capable of supporting both product design and industrialisation, speeding up processes, preventing errors and maximising automation.
This loan will grant Carraro proper support for its Research and Innovation activities, ensuring investments of over 30 million Euros per year over the next three years.