Borealis receives EUR 75 million loan from KfW IPEX-Bank for polymers R&D
Borealis, a leading provider of innovative solutions in the fields of polyolefins, base chemicals and fertilizers, announces it has secured financing for Borealis investment in research and development on plastic materials at several of its facilities. The KfW IPEX-Bank loan of EUR 75 million will run parallel with the EUR 150 million European Investment Bank (EIB) financing package announced earlier this year. The new agreement was signed by the two parties in Frankfurt on 14 October 2014.
The KfW IPEX-Bank loan supports Borealis investment in its European innovation centres. As a programme spanning several years, the project will continue to focus primarily on product innovation in the area of advanced polymers.
"For Borealis, the cooperation with KfW IPEX-Bank represents another milestone in its continuous investment in research and development in Europe", says Jan-Martin Nufer, Borealis Director Treasury & Funding. We are delighted to work once more with KfW as an excellent partner for the financing of our innovation centers."
"Research and development are prerequisites for innovation and therefore essential for sustainable economic success", comments Markus Scheer, member of the Management Board of KfW IPEX-Bank. "We support investments of German and European industrial companies to ensure that Europe remains a high-tech location."