Zimplow secures $5m

Zimplow secures $5m
Published: 24 September 2013
Zimplow Limited will tomorrow seal a $5 million line of credit from Brazil in what is expected to boost volumes at the group's tractor manufacturing division.

Group chief executive Mr Zondo Kumwenda said that the parties to the deal will meet in South Africa tomorrow for the signing of the line of credit from Brazil.

"The final signatures will be done (with the financiers) on the 26th (tomorrow) of this month. We are going to use the loan to buy tractors and a few other implements," said Mr Kumwenda.

He said tractor volumes were lower this year compared to last year and the group was looking forward to seeing how the $5 million line of credit would help push the volumes up.

The Zimplow boss added that capacity utilization was low at the firm's manufacturing division but volumes have been higher in the construction and animal drawn equipment divisions.

The group has attributed the low volumes at some of its divisions, particularly manufacturing and tractors, to the liquidity crunch pervading the entire economy.

Zimplow has also recently been realigning its operations and this year completed the disposal of motor vehicles trader Puzey and Payne with the sale of Tassborg to be completed soon.
- herald
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