EU engineering research loan for Atlas Copco
€300 million loan from European Investment Bank to support research, development and innovation
THE development of cleaner, safer and more efficient manufacturing, construction and mining equipment is to be enhanced through research, development and innovation at Atlas Copco, supported by financing from the European Investment Bank (EIB).
Under an agreement signed in Luxembourg earlier this month, the EIB will provide a €300 million loan to Atlas Copco, who are among the world leaders in compressors, construction and mining equipment, power tools and assembly systems.
As part of Atlas Copco’s long-term funding programme, the loan will support the development of more efficient, more environmentally friendly and safer products.
The company’s activities in research, development and innovation, mainly based in Sweden and Belgium, also involve close co-operation with European universities and research institutes, helping to disseminate cutting-edge technologies.
Jonathan Taylor, EIB vice-president with responsibility for lending in Sweden, said: ‘We are glad to sign this agreement with Atlas Copco, a global leader in the technology of mining and rock excavation. This will support innovation in a key area of the economy, reduce carbon emissions, improve energy efficiency, and enhance the safety of workers.’
The project supported by the bank of the European Union will be carried out from 2015 until 2018 and implemented by more than 5,000 Atlas Copco employees, with some 1,350 directly involved in the research and development work.
Mr Taylor continued: ‘Projects such as this strengthen the competitiveness of European companies, so enhancing Europe’s position as a major technology supplier and supporting skilled employment opportunities.’