MAE Spa Secures €35M Funding to Expand PAN Precursor Production in China
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Announced on July 6, chemical fibers machinery producer MAE Spa (Piacenza, Italy) has received financial support from banking group UniCredit (Milan, Italy) of €35 million, to complete a €73.5 million contract for the design and construction of polyacrylonitrile (PAN) carbon fiber precursor plants in China.
MAE Spa is a market leader in the design, construction and installation of high-tech systems for the production of special chemical fibers, with a core focus on PAN precursor plants. The company created an operating branch in Shanghai in 2005 to support Asian orders, which cover approximately 50% of its revenues.
Paola Rovellini, chief financial officer at MAE Spa, says, “[This order] is a new piece that confirms MAE as a primary and qualified interlocutor in a market niche that is gradually growing more and more.”
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