14/12/22

NEW REFRIGER V.Deutsche Bank supports the growth plans of LU-VE Group with a 30 million euro loan

The loan is aimed at further strengthening production processes in Italy and abroad through the expansion of the plants in Mel (Belluno, Italy), Gliwice in Poland and Jacksonville (Texas, USA)

Milan/Uboldo (VA), 14 December 2022 – LU-VE Group, a multinational company based in Varese, Italy, listed on Euronext STAR Milan and one of the world’s major operators in the heat exchanger sector, has recently signed a medium-term loan agreement with Deutsche Bank for a total of 30 million euro, expiring in 2028, aimed at supporting the company's growth plans.

The loan is intended to give further impetus to LU-VE Group’s production in support of the growth in demand, through the strategic expansion of some of its plants in Italy and abroad. In particular, the P2 plant in Gliwice in Poland will be expanded to take advantage of the growth opportunities in European markets. At the same time, as already announced in the acquisition phase last April, the Group will invest resources for the complete industrial reconversion of the activities of the Italia Wanbao ACC business unit, in Mel (Belluno), in order to expand the production of static heat exchangers for refrigerated cabinets, air conditioning and chillers; in particular, the plant will also act as a production and logistics hub for heat pumps. Finally, the Group will invest new resources to strengthen the technical and production structure of the Jacksonville plant in Texas, with the aim of consolidating its presence on the American market, which today represents the area with the best growth prospects.

“We are very pleased to have started this new collaboration with a major institution such as Deutsche Bank, which has shown full confidence in our development projects” commented Matteo Liberali, CEO of LU-VE Group. “The macro-economic context we are experiencing, conditioned by the Russia-Ukraine conflict and the consequent increase in the price of gas, has accelerated the trend of conversion towards clean and greener energies. LU-VE is a pioneer of sustainability and is working to develop products that have an ever lower impact on the environment. Deutsche Bank's support will also enable us to scale up our operations for Group growth, in certain geographical areas and in specific booming markets."

“Supporting companies such as LU-VE Group is something our bank is very proud of” added Mirko Cecchetto, Head of Business Banking Italy of Deutsche Bank. “We aim at being a strategic and long-term partner for companies, in particular for those having a strong focus on sustainable growth and commitment towards the communities where they operate. In an increasingly competitive context, our role as financial institution is to stand by the best companies in our country and their entrepreneurs to support them on their growth path".

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LU-VE S.p.a

Via Caduti della Liberazione, 53

21040 Uboldo - Varese - Italy

Tel: +39 02 96716.1

Fax: +39 02 96780560

NEW REFRIGER V.Deutsche Bank supports the growth plans of LU-VE Group with a 30 million euro loan

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