VTB Bank has signed a four-year loan agreement for RUB 500 million with Juteks RU, a major vinyl floor covering manufacturer, which will use the funds to finance its operations.
Juteks RU is based in Vladimir, Russia, and is part of Beaulieu International Group, a major producer of floor covering with head offices in Belgium. Established in 2010, Juteks RU uses VTB’s cash settlement and currency hedging services and has also taken short-term loans from the bank.
“Working with chemical companies is one of VTB Group’s priorities,” Mikhail Oseevskiy, Deputy President and Chairman of VTB Bank Management Board, said. “I believe that working with VTB will help Juteks RU maintain its market standing and promote its growth and development.”
Juteks RU is part of Beaulieu International Group, which is headquartered in Belgium and has plants in Russia, the United States, France, Belgium, China, Slovenia and Norway. Beaulieu International Group is composed of three business units: Flooring Solutions (carpet, needle felt, cushion vinyl, LVT & wood), Granules (polypropylene granules for numerous applications) and Engineered Products (fibres, yarns, technical textiles and technical sheets). It opened its Russian plant, Juteks RU, in 2010. The plant has modern equipment that meets all environmental quality standards.