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Rába borrows Ft 6 billion for techonogy development

Rába Axle Kft, a subsidiary of Gy?r-based heavy-duty vehicle and parts manufacturer Rába Rt has signed an agreement with the Hungarian Development Bank Rt (MFB) about a Ft 6 billion development loan it will use to upgrade its technology to state-of-the-art level, the company said. The aim of the upgrade is to improving the efficiency of operations and to promote further growth of the company through new sales. Ft 4.2 billion of the loan is a long-term debt facility, while the rest is a mid-term loan. The revenues of Rába Axle Kft grew by 25.9% last year to Ft 25.3 billion, driven by an upswing in the U.S. heavy goods vehicle industry and Rába?s success in European markets. The management is hopeful that the use of more advanced technology will generate new strategic deals, Rába Rt CEO István Pintér said.