11-06/07 :: June/July 2011
nanotimes
Companies Facts
The Novaled Korea Branch office is accommodating a technology support service, aimed at providing in-depth and fast technical assistance, specializing in OLED stack optimization. Dr. Andreas Haldi, Nova- led Korea Customer Support Manager, will carry out this service and will be the onsite link between Korean customers and the Novaled headquarters. The Korean Novaled office is the second office the company is opening in Asia after the Japan office was created in 2008.
“Korea is very important for the OLED display indus- try and plays the leading role in these fast emerging markets,” says Gerd Guenther, CMO of Novaled AG. ”We are proud to participate in this growth by providing our technology, know-how and materi- als. A local office is the best way for us to be at our customer’s disposal when they ramp up production.”
After a continuous increase of its revenues during the last years the company is expecting a further strong revenue growth in 2011.
http://www.novaled.com O
erlikon (OERL) has received approval from its lending banks to increase the company‘s abili-
ty to provide bank guarantees to customers in order to allow the Group to sustain Oerlikon‘s growth momentum.
As part of Oerlikon‘s efforts to further grow the business, the Group gained approval to amend its Syndicated Credit Facility Agreement with its len- ding banks. As a result of the strong order backlog in the Group‘s Textile Segment, which often results in
longer lead times, Oerlikon‘s bank guarantee re- quirements on orders may exceed its current bank guarantee facilities. With this amendment, Oerlikon can raise the Group‘s bank guarantee facilities on customers‘ advance payments for orders. In addition, this approval allows Oerlikon to reduce its debt. The original Syndicated Credit Facility Agreement was announced in April 2010. Jürg Fedier, CFO of Oerli- kon Group, said: “This lender approval is a key step to allow us to better serve our customers and meet the continued strong demand for our innovative products.”
Under the approved amendment to the Syndicated Credit Facility Agreement, the Group can conduct the following transactions:
• Transfer up to CHF 250 million of its Senior Term Loan (Facility B) to its Revolving / Ancillary Credit Facility (Facility A)
- by paying back its Facility B by the respective amount, thereby reducing the Group‘s debt, and
- by increasing Facility A by the respective amount, thereby increasing Oerlikon‘s bank guarantee facilities
• Option to use cash to secure bank guarantees to customers, if required.
With this approval, Oerlikon can begin to increase the Group‘s ancillary credit facilities and also to red- uce the company‘s debt, subject to agreements with specific banks, as part of standard credit facility prac- tices. On April 19, 2011, Oerlikon Group announced that the order backlog totalled CHF 1,928 million in the first quarter of 2011, compared with CHF 1,202 million in the same period in 2010.
http://www.oerlikon.com
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