Australian aluminium extrusion manufacturer and distributor, Capral, has signed a three-year financing agreement with GE Commercial Finance (GE) for up to $116m to support its ongoing business plans.
Robin Freeman, Capral’s managing director, says the facility gives the company the security it needs to execute on its plans to return to profitability by 2010.
"Together with our recently announced fully underwritten rights issue, the funding from GE gives us greater certainty which, in this economic climate, is a critical element of our turnaround plans," Freeman explains.
Capral is a leading manufacturer and distributor of aluminium extrusions in Australia, offering a vast array of architectural, residential and industrial products through its national distribution network.
The company boasts five manufacturing sites across Australia, from which it runs nine extrusion presses and employs about 1200 people.
It offers a range of products and services, including residential and commercial windows and doors; industrial access systems; and security doors, windows and fire escape systems.
Freeman says he was impressed by GE’s commitment in the face of turbulent economic conditions.