BUCHAREST (Romania), August 8 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday it is lending 25 million euro ($31 million) to Romanian producer of aluminium components for the aerospace industry Universal Alloy Corporation Europe (UACE).
"The EBRD funding will be used to support the development of the machined parts business, surface treatment and assembly operations in Dumbravita in the north of Romania, thus increasing the efficiency of UACE’s operations, increasing the added value output and making a significant contribution to enhancing local engineering skills," the lender said in a statement.
All three major steps of the production process – casting, extrusion and machining – will be concentrated in Romania, it added.
"The demand for aircraft parts is likely to rise [..] This will maintain strong demand for new aircraft and consequently also for the aluminium parts produced by UACE over the medium to long term," UACE's CEO John Ball said in the statement.
UACE is part of the aerospace division of the Swiss-Austrian industrial group Montana Tech Components AG, one of the world’s four major producers of metal aerospace parts.