UNICREDIT SUPPORTS ICONIC ITALIAN BRAND WITH US GROWTH
Monday 02 November 2020
The US subsidiary of Rovagnati S.p.A has secured $12 million loan from UniCredit for the construction of a new production plant in New Jersey
UniCredit has granted a loan of $12 million to Rovagnati US Holding, Inc., the US subsidiary of Rovagnati S.p.A., an iconic Italian company specialised in the production of cured meat products.
The loan, concluded thanks to the financial support of UniCredit’s New York branch, is dedicated to the construction of a production plant in Vineland, New Jersey. The plant will be completed by 2021, helping to support the company’s internationalisation process and brand growth strategy.
Rovagnati exports to several European and non-European countries such as France, Belgium, Germany, Singapore, Hong Kong and the USA, where Made in Italy products are greatly appreciated.
“The Cured Meat market generates an annual turnover of around $24 billion in the USA , while imports of cured meats from Italy are just over €120 million. The uniqueness of our supply chains and the ability to produce products containing high quality ingredients, creates a significant opportunity for the entire sector. The new production plant in New Jersey will allow us to increase our presence in the continent,” said a representative of Rovagnati.
Marco Bortoletti, Lombardy Regional Manager of UniCredit, said: “UniCredit’s support to Rovagnati’s US growth activities underlines our commitment to supporting businesses in strategic sectors for the Italian economy and helping to be part of the solution. Thanks to the synergy between our Monza and Brianza corporate area and our New York branch, the transaction also allows UniCredit New York to become an important reference point in the United States.”