Astec Paints is a South Australian paint manufacturer that produces a range of interior and exterior paint finishes, acrylic renders and heat reflective coatings.
An established exporter, it supplies markets in China, Korea, Japan and the Middle East, with around 75 per cent of its turnover derived from exports.
Astec Paints needed funding to meet increased demand from its Japanese clients for its elastomeric coatings, which meet Japan’s strict building codes.
While its bank was supportive of plans to increase production, it required additional security and so Astec approached us for help.
We were able to provide Astec’s bank with an export working capital guarantee.
This allowed its bank to approve the funds Astec needed to increase production and meet this extra demand immediately, in what is a very important market.
Efic’s Leela Hanson said, “Our support for Astec, in conjunction with its bank, Westpac, underlines our commitment to South Australia’s exporters.”
“We are pleased to assist the company with exports to this important market and with its future growth plans.”