Innovation Norway grants loan to Kongsberg Automotive
The Hvittingfoss plant. Photo: Kongsberg Automotive.
The Board of Innovation Norway has today granted Kongsberg Automotive AS a risk loan of 145 million NOK. The news was announced this afternoon (Feb. 12) by Sylvia Brustad, the Minister of Trade and Industry, during a visit at the Hvittingfoss plant.
The money will be used for partly a liquidity reserve and partly for serving new orders. The company has taken a number of new orders that will require investments in product development and production equipment. The funding secures the Norwegian operations in a period with low sales of Commercial vehicles.
Kongsberg Automotive (KA) is headquartered in Kongsberg, Norway, and has more than 50 facilities in 20 countries on all continents. Kongsberg Automotive (KA), with revenues of about EUR 1 billion and over 11,000 employees, provides system solutions to vehicle makers around the world (GMS).
The product portfolio includes gearshift systems, cables for a wide variety of application, fuel lines, tubing and hoses, couplings, clutch actuators, stabilizing rods, seat heaters, seat vetilation, lumbar supports, head restraints, arm rests, steering columns, pedals, electronics and displays.
Source: Kongsberg Automotive
