U.S. EX-IM BANK LOAN GUARANTEE FOR VARIOLINE USA
Ocean, New Jersey, 03/22/2009
Varioline Spare Parts Services Inc. announced today that it has received a one million dollar loan facility from lender JP Morgan Chase through its New Jersey based Middle Market Banking Group in conjunction with the Export-Import Bank of the United States working capital guarantee program.
The Ex-IM Bank guarantee covers a revolving line of credit that can be used for export related transactions. Chase Middle Market Banking serves commercial banking clients in the $10-100 million turnover range.
“We grew 35% last year and this credit line will provide the liquidity needed to fund our continued growth in 2009, and make us a stronger partner to our customers’ suppliers in a challenging year” said Peter Knakowski, Varioline’s Chief Operating Officer.
The working capital line marks the start of a new banking relationship with JP Morgan Chase for Varioline that is part of a full-service banking relationship. Chase has been one of the most active lenders in the Ex-IM Bank WCG program for over twenty years. It was granted super delegated authority status by the Bank in 1999 and named 2007 Small Business Lender of the Year because of its support of exports by United States small and medium size businesses to buyers around the world.
Varioline exports U.S. made spare parts to manufacturing and process industry plants in the Middle East, China, Brazil and Mexico for maintenance of American made plant and equipment. It is a subsidiary of V-LINE Europe, a leading global procurement and logistics services provider in the Maintenance, Repair and Operations (MRO) Industry.
“We could not be more pleased with this relationship. Our business is 100% export and JP Morgan Chase is international in every sense of the word. In our discussions they brought in a team versed in supply chain, cash management and Ex-IM financing and we found as we were talking that they had just celebrated their 75th year of presence in Saudi Arabia, our largest oldest market, where we are in our 30th year” said Detlev Daues, President of Varioline and Managing Director of the V-LINE Group.
About Varioline
Varioline Spare Parts Services Inc. is the U.S. procurement/export hub of the V-LINE Group of Companies, Hanover, Germany. Formed in the State of New Jersey in 1984, the company has warehouse and office facilities in the Sunset Industrial Park, Ocean Township, 45 minutes south of Newark International Airport. The parent organization is a global leader in the Maintenance, Repair and Operations Supply Industry. For further information please visit V-LINE’s website at: www.v-line.com or call by phone—Saudi Arabia: +966 (3) 3407940, EMEA: +49 (5138) 7008, USA: +1-732-493-1400, Japan: +81 (66) 675 3001, Brazil: +55 (11) 66712958, China: +86 (10) 84920049, Mexico: +52 (2222) 536396.
