Burscheid, Germany -- Seating manufacturers Johnson Controls is set to strengthen its R&D capacity and vocational training with a European Investment Bank (EIB) loan of EUR220m (US$303).
Jean-Philippe De Waele, Johnson Controls’ treasurer Europe, Middle East and Africa, said: “The company highly appreciates this loan as it will enable us to further strengthen our R&D capacity and activity in the field of eco-friendly automotive seating solutions.”
Part of the loan has been earmarked for the vocational training of young people in programs at Johnson Controls' production plants in Germany. Around 240 apprentices will benefit from these programs throughout the duration of the project, said a company press release.
EIB Vice-President Wilhelm Molterer said: "Johnson Controls’ commitment to R&D is well above-average and is crucial to Europe's innovative capability and competitive strengths.
“A knowledge-based economy is dependent on a skilled and competent workforce. The vocational training aspect is therefore another important element of the funding that has now been made available,” he added.
