Export Finance and Insurance Corporation (EFIC), the Australian Government’s export credit agency, is helping Sydney-based manufacturer Fitch Metals Engineering (FME) with a US$8.25 million contract to supply coil coating equipment to Brazil.
FME won a competitive international tender to design, manufacture and install a high-speed, state-of-the-art color coating line for Brazilian company Tekno SA, a major South American coil coater.
EFIC is providing two advance payment bonds, each worth US$825,000, to secure advance payments by Tekno to FME under the export contract.
“Our contract with Tekno is one of our larger export orders and involves several shipments of equipment, said FME’s founder and owner, Mike Fitch.
“By enabling Tekno to make advance payments to us, EFIC’s bonding support is helping us secure the substantial working capital we need to undertake the contract,” said Mr Fitch.
The company has more than 14 years’ experience in exporting its innovative coil coating technology to customers in the Americas, Europe, Asia, the Middle East and South Africa.
“Obtaining sufficient working capital for large export contracts is often a challenge for small and medium-sized exporters, said Andrea Govaert, EFIC’s Executive Director, SME.
“We’re delighted to have the opportunity to help FME continue to grow its export business.”
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