Frankfurt am Main (ots) -
- Financing the conversion of TINE SA's fleet to environmentally
- New Mercedes and Scania trucks for lower emissions
- Loan also supports R&D activities
KfW IPEX-Bank is providing TINE SA, a Norwegian dairy cooperative, with a loan of EUR 50 million, or its equivalent in Norwegian kroner. The funds will be used in part to gradually convert the company's vehicle fleet to environmentally friendly trucks manufactured by Mercedes and Scania. The market leader in Norway will also utilise the loan to finance its annual R&D programme. The objective of this programme is to develop new products and optimise production processes, thus making the cooperative fit for the future.
"Financing German and European exports is part of our core business, as is the funding of environmental measures," explained Markus Scheer, member of the Management Board of KfW IPEX-Bank, upon the signing of the financing agreement. "We are pleased to have gained in TINE SA a new customer that is both well-known and highly reputable."
TINE SA's fleet of trucks currently comply with the Euro 3 and Euro 4 standards. The new models from Germany (Mercedes) and Sweden (Scania) will mean that, over the coming years, the entire fleet will meet the requirements of the latest Euro 6 standard. The main savings will be achieved through a significant reduction of the total amount of nitrogen oxides and particulate matter emitted from motor vehicles in specified areas, as well as in CO2 emissions.
About TINE SA
The TINE Group is one of Norway's largest food companies and is a full-scale supplier of dairy products with known brands. It is owned by 12,000 dairy farmers and organized as a cooperative. TINE SA has a no. 1. position within the Norwegian dairy market stemming from a long-standing history and strong ties with the Norwegian authorities. The company's core operations involve the processing, distribution and marketing of milk and other dairy products on a national level. The company also operates internationally with sites in Denmark, Ireland, Sweden, the US and the UK. TINE has three roles to safeguard: as a commercial brand supplier, as a member organization for the owners, and as a market regulator on behalf of the authorities.
About KfW IPEX-Bank
Within the KfW Group, KfW IPEX-Bank is responsible for international project and export finance. Its function of providing financing to boost the German and European economy is derived from the legal mandate assigned to KfW. It offers medium and long-term financing to support key export industries, to develop economic and social infrastructure and to fund environmental and climate protection projects. KfW IPEX-Bank operates as a legally independent group subsidiary and plays a major role in fulfilling KfW's promotional mission. It is represented in the most important economic and financial centres across the globe
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