Are you sure?

Hungarian bank to lend Elcoteq unit €100 mln

Finnish electronics company Elcoteq on Tuesday said the board of a Hungarian bank decided to grant its Hungarian unit a €100 million loan to support exports.

A formal decision on the five-year revolving credit facility will be taken and disclosed on or soon after March 30, 2011, Eloteq said in a financial statements bulletin on its website.

Elcoteq has a big manufacturing base in Pécs (SW Hungary). More than 7,000 people worked at the base before the crisis.