Printer Friendly

Seiler Pollution Control Systems announces Dresdner Bank financial package for its German subsidiary.

DUBLIN, Ohio--(BUSINESS WIRE)--March 8, 1996--Seiler Pollution Control Systems, Inc. (SEPC) has secured a financial agreement with the Dresdner Bank for the construction and operation of its Freiberg recycling facility in Eastern Germany. The financial package consists of a substantive low interest line of credit and a series of government grants that are worth over 18.6 million DM (approximately 12.7 million dollars).

The agreement calls for the Dresdner Bank to provide Seiler with a long term credit line for 9.9 million DM (approximately 6.8 million dollars) for the installation, construction, land purchase, site work and start-up costs for Seiler's first commercial vitrification system. An additional line of credit for 2.1 million DM (approximately 1.4 million dollars) is subsequently available, if needed. The terms of this 12 million DM credit line has two major conditions: Seiler must apply and receive an operating permit from the German regulatory authorities; and a bank guarantee from the Deutsche Augleichsbank (DtA), the State Bank of Germany. There are other minor conditions that Seiler must comply with as well. Among these include: allowing the Dresdner Bank access to financial records for Freiberg; and guaranteeing that the facility will operate in compliance with the anticipated permit.

According to Dr. Gerold Weser, Seiler's vice president of European operations, all conditions for this financial package should be completed by late summer, early fall 1996. Seiler is currently completing the first vitrification line for Freiberg, and is already in the permitting process. Dresdner Bank also has applied to the State Bank of Germany (DtA) for the bank guarantee on behalf of Seiler in the amount of 9.6 million DM.

Coupled with this line of credit, Seiler is to receive German governmental grants totaling over 6.6 million DM (approximately 4.5 million dollars). These grants do not have to be repaid and are given to Seiler for placing its environmentally sensitive, high temperature vitrification recycling facility in Freiberg. These grants are given in connection with stimulating and encouraging investments from business, industry, and the environmental sector to generate new job opportunities for the area.

The Dresdner Bank financial package is significant for Seiler's German and European market growth. The Dresdner Bank based this financial package from an independent study on Seiler conducted by DOWC Ost-West-Consult GmbH.

For any additional information, please contact Mr. Werner Heim, Seiler's Chief Executive Officer at 011-411-396-2700, or Mr. Alan B. Sarko, Seiler's Vice President of North American Operations at 614/791-3272.

CONTACT: Seiler Pollution Control Systems, Inc.

Werner Heim, 011-411-396-2700

Alan B. Sarko, 614/791-3272
COPYRIGHT 1996 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Mar 8, 1996
Words:428
Previous Article:Correcting Andrew Corp. Investor Relations Contact name; Tami Kamarauskas sted Kamanauskas.
Next Article:World's first 'live' sports scoreboard for the Web launched by Lynx Systems; New CyberScoreboard provides mini-version of Olympic Level Technology.
Topics:


Related Articles
IPC and Deutsche Bank AG to Implement a Global Virtual Trading Environment.
Seiler Pollution Control Systems announces Dresdner Bank financial package for its German subsidiary.
Masters of debt: who is financing real estate?
IRAN - Financing & Income Prospects.
Bid for Dresdner Moves Allianz Toward One-Stop Services Shop.
ORDERS ISSUED UNDER INTERNATIONAL BANKING ACT.
Allianz Finds Itself in Middle Of Merger Collapse--Again.
The return of the two amigos. (Off The News).
Berlusconi's TV Empire: Italy, Spain ... Germany?
Sterling appointment.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters