Emtivac Engineering is a Victorian-based engineering company specialising in the design, manufacture and supply of process and industrial vacuum pumps, and gas compression systems.
Emtivac needed additional working capital, and performance and advance payment bonds, to finance its contract to supply pumps, motors and other equipment to Hyundai Korea.
We gave Emtivac’s bank, Westpac, an export working capital guarantee to allow Westpac to lend the additional amount, while also issuing performance and advance payment bonds directly to Hyundai.
Our support allowed Emtivac to finance the contract with facilities additional to those already being provided by Westpac, giving it the working capital needed to fund its growing order book.
“Our assistance for Emtivac underlines our commitment to local manufacturing companies. Emtivac has a strong pipeline of work and we are pleased to support its growth plans,” said Export Finance Australia’s Phil Smith.
Emtivac Managing Director, David Hobson, added, “The export project6 for Hyundai was the largest undertaken by Emtivac in our 15-year history.”
“Strict commercial conditions in the tender required Emtivac to finance the project ourselves, which would not have normally been possible.”