€31 million state loan for household glassware specialist
Hit hard by the Covid-19 crisis and associated containment measures, the Arc Group has been granted a €31 million loan by the French Government. This direct aid comes from the Economic and Social Development Fund (FDES), which was raised to the tune of €1 billion due to the crisis and is dedicated to assisting medium-sized companies. The interest rate granted is less than 1%.
"This state support is a great sign of confidence in the group and all of its employees" explains Tristan Borne, Chief Executive Officer of Arc France. “It will allow us to offset the brutal impact of the containment on our cash flow. Even though we are aware that the recovery of the economy will take time and Arc will need to continue its measures to conserve cash, our objective is to return as quickly as possible to the profitability levels obtained before the start of the pandemic and to continue our trajectory. "
Arc employs more than 9000 people worldwide, including 4500 in France. The group, whose head office is located in Arques, in the French Pas-de-Calais region, achieved gross sales of €911 million in 2019.
