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EIB to provides total of EUR 80m to Austrian lighting company Zumtobel Group

EIB Australia
Updated: 12-02-2019 19:05 IST
 EIB to provides total of EUR 80m to Austrian lighting company Zumtobel Group

Image Credit: Pixabay

The European Investment Bank (EIB) is providing the Austrian lighting company Zumtobel Group with the second EUR 40m tranche of a EUR 80m financing programme to strengthen its research and development activities. The EIB loan is backed by a guarantee from the European Fund for Strategic Investments (EFSI). EFSI is an essential pillar of the Investment Plan for Europe – also known as 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.

The Zumtobel Group is an international lighting group and a leading supplier of innovative lighting solutions, lighting components and associated services. It is one of the European market leaders for professional lighting systems and components.

Andrew McDowell, EIB Vice-President responsible for financing in Austria, said, "Research, development and innovation are key ingredients for ensuring sustainable growth and creating high-value jobs. For the EIB, this is a top priority. I therefore very much welcome this new partnership with the Zumtobel Group, one of Austria's most research-intensive company."

European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said, "Corporate Research & Development is essential to maintain Europe's leadership in the field of innovation. Thanks to this new Investment Plan agreement, the Zumtobel Group will strengthen its competitiveness and keep on developing new products in the lighting sector. This is good news for the Austrian and the European economy as a whole."

Zumtobel Group CFO Thomas Tschol added, "In an increasingly interconnected digital world, product innovation is the key to long-term success. As a global lighting industry player, we invest heavily in the development of new products. The EUR 80m in EIB financing is, therefore, an important contribution to forging ahead with Zumtobel Group's innovation leadership."

COUNTRY : Australia