Sao Paulo, Brazil, August 22, 2007 -
IFC, the private sector arm of the World Bank Group, is providing financing
to Sabó Ind. e Comércio de Autopeças Ltda., an auto part supplier headquartered
in Sao Paulo, Brazil, to support the company’s investment program and
help the family-owned business become more competitive in the global market.
The announcement of IFC’s $40 million loan
was made as part of the first official visit to Brazil by Lars Thunell,
IFC’s Executive Vice President and CEO. It comes at a time when
IFC is increasingly focusing on midsize companies such as Sabo. “We
are very pleased to be partnering with Sabo as it expands its business,”
said Lars Thunell. “IFC’s role is to work with companies such as Sabo,
to ensure that they have the access to financing they need to foster their
growth and expansion.”
Sabó produces sealing and fluid conveyance devices for major original equipment
manufacturers, known as OEMs, in the automotive industry in South America,
Europe, and the United States. Over its 65-year history, the
company has developed strong relationships with its clients worldwide,
in the OEM market as well as in the aftermarket. Sabó has emerged
as one of the leading suppliers to global OEMs in its main markets, exporting
to over 70 countries. It has a solid reputation for product innovation
and an ability to offer competitively priced products with high quality
standards.
Jose Eduardo Sabó, Sabó’s CEO, said, “The expansion will allow
our company to continue growing globally, including in the fast-growing
emerging markets. IFC’s support is essential, as it provides long-term
funding and assists in our continuing effort to improve corporate governance
and environmental and social practices.”
IFC, a member of the World Bank Group, fosters sustainable economic growth
in developing countries by financing private sector investment, mobilizing
capital in the international financial markets, and providing advisory
services to businesses and governments. IFC’s vision is that poor people
have the opportunity to escape poverty and improve their lives. In FY06,
IFC committed $8.3 billion, including syndications, to 284 investments
in 66 developing countries. For more information, please visit www.ifc.org.
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