Manurhin found financing in Middle East (AFP)

Find the original article of the AFP here (in French): AFP 25.06.15

Lacking financing, Manurhin found money where there is plenty… in Middle East.

A local bank, whose name remains undisclosed for the moment, granted Manurhin the 17M€ loan it needed to finance its development, although French banks did not provide similar support. The 20M€ bond emission is still actual – though delayed, and a capital increase is out of the question, as the slovakian shareholder Delta Defence still disagrees to conduct it.

This loan will finance a thriving activity: the 2014 figures recently confirmed that Manurhin indeed is the world leader in the design and manufacture of machines for the ammunition industry, deriving 100% of its turnover from the export market. “Deals outside Europe represent 80% of our activiy, developing among others in Americas and Asia“, underlines Patrick Akcelrod, Chairman of the management board.

2014 saw the turnover rise by 32% to 50.6 M€, the net results reach 6.1M€ and 40 collaborators recruited.

The order book at end 2014 amounts 115 M€, representing approximately 2 years of activity, on a potential market over 500M€ on 5 years, making the absence of support from the French banks even more questionable.