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Engineering firm wins Brazil contract

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Australian company Fitch Metals Engineering have won a competitive international tender to design, manufacture and install a high-speed, colour coating line for Brazilian company Tekno S.A. The Export Finance and Insurance Corporation (EFIC), the Australian government’s export credit agency, will help FME secure working capital, advancing two payment bonds valued at US$825,000 to Tekno, which will then be able to make advance payments to the Sydney-based manufacturer. The bonds will help FME fund the initial outlays for a contract ultimately worth US$8.25 million. Mike Fitch, the owner and founder of FME, expressed his gratitude to the EFIC, praising their assistance in securing the "substantial working capital" they need to undertake the contract. "Our contract with Tekno is one of our largest export orders and involves several shipments of equipment", said Fitch. FME is well placed to take up the tender, with more than 14 years experience in exporting its coil coating technology to customers as far afield as the Middle East, South Africa, Asia, Europe and North and Central America. This latest contract will add South America to the list. Andrea Govaert, the executive director for SMEs at EFIC, expressed her delight in having the opportunity to help FME grow its export business. "Obtaining sufficient working capital for large export contracts is often a challenge for small and medium-sized exporters." EFIC draws on 50 years of export finance expertise, and boasts a AAA credit rating, which they use to assist SMEs develop or grow their export business.

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