Prior Industries Australia is a Queensland-based engineering company that specialises in industrial combustion and liquid filtration.
Prior Industries required additional funding to supply goods to a Latin American buyer, which would be used for the upgrade of a nickel smelter in the region.
Prior Industries had been supplying primary nickel producers in Latin America since the early 1990s.
We provided an export working capital guarantee to Prior Industries’ bank, Westpac, to allow it to approve funding for the supply of refractory bricks and other equipment for the plant.
This enabled Prior Industries to cover its direct costs, including supplier payments before shipment.
“Efic’s guarantee means we were able to secure additional funding from Westpac,” said Kim Prior, Managing Director of Prior Industries.
“We are very pleased to support Prior Industries’ growth in Latin America, which includes a number of challenging markets for exporters and their bankers,” said Efic’s Natalie Reid-Frost.
“By providing the guarantee, we have supported an experienced supplier in the region and have helped to ensure their continued business growth.”