UniCredit subscribes sustainable minibond issued by Crocco

A sustainable five-million-euro minibond issued by Crocco, a company based in Cornedo Vicentino (Vicenza, Italy) operating in the flexible packaging sector, has been fully subscribed by UniCredit. As a Sustainability-Linked Bond this loan represents a sustainable financial instrument from all points of view. The transaction provides additional benefits, in terms of interests, for the improvement of Crocco's ESG sustainability rating (rating developed by the international agency EcoVadis).

The bond, with a duration of seven years, is intended to support investments in new Industry 4.0 ready machinery as part of Crocco’s Greenside project. This initiative represents a new way of designing and manufacturing flexible packaging respecting the most modern production standards based on the circular economy. The goal is to reduce the CO2 emissions originated by plastic films and to actively participate, in partnership with its customers, in the reduction of emissions along the life cycle of their products, measuring everything in a scientific way with the certification of accredited third parties.

"With this transaction, UniCredit confirms its role as a reference partner for companies in this area that intend to carry out ambitious investment plans in the sphere of sustainable innovation. This alternative form of financing will allow us to support Crocco in the best possible way in its environment-friendly transition path", commented Luisella Altare, Regional Manager Nord Est of UniCredit.

"Crocco is the partner of choice of the most prestigious companies thanks to its ability to always be one step ahead and to find innovative technological solutions in the field of flexible packaging. But research and innovation cannot advance without investments and cutting-edge machinery, which is why I am particularly proud that, with UniCredit, we have chosen to bet on the future and on our continuous ability to improve thanks to a sustainable financing instrument that fully represents the spirit with which we work at Crocco", said Renato Zelcher (picture on the right), CEO of Crocco.

Founded in 1967 by Bruno and Luciana Crocco, the company has developed over the years becoming a modern industrial group and a reference company in the flexible packaging industry in Europe. With a total area of 65 thousand square metres, the company has four production sites entirely dedicated to the production of flexible packaging for customers in Italy and over 32 countries around the world. Crocco closed FY 2020 with a total turnover of over 100 million euros and more than 250 employees.