All agreed loans

Denmark. GN Store Nord A/S

Date of agreement: 17 Dec 2014
Country: Denmark
Customer: GN Store Nord A/S
Amount in EUR: EUR 75 million
Maturity: 7 years
NACE sector / loan type: Manufacture of electrical machinery and apparatus
Business area: Industries and services

Project

The loan has been provided for a research and development programme in 2014–2015 in the segments of hearing diagnostic equipment and hands-free audio. The programme focuses on connectivity for hearing aids, software system integration, as well as the miniaturisation and modularisation of products. Most of the company’s R&D activities take place in an innovation hub located in Copenhagen, Denmark. The total budget for the programme amounts to DKK 1,350 million (EUR 180 million).

GN Store Nord is one of the global leaders in manufacturing hearing aids and accessories, ear-related diagnostics, hands-free speakerphones and wireless and corded headsets. The group has approximately 5,000 employees in 34 countries and consists of the parent holding company and its operational subsidiaries: GN ReSound (hearing instruments) and GN Netcom (hands-free audio). The company is listed on NASDAQ OMX Copenhagen and included in the OMXC20 index.

Fulfilment of NIB's mandate

The company forms part of a Danish cluster that drives the audio technology innovation. Despite its small size, the cluster makes a substantial contribution to the world leading expertise in hearing aids. The company has a good track record in developing and commercialising R&D activities which recently has been driven by, among other innovations, 2.4 GHz wireless technology. Extensive cooperation with research institutes and universities secures the company’s access to the most recently developed knowledge and will also generate positive spill-over effects in form of skills transfer.

Sustainability summary

The R&D activities of GN Store Nord are assessed as having very limited environmental impacts.

Press release

NIB finansierer GN Store Nords forskning og udvikling i høreapparater