17 Dec 2014

NIB and GN Store Nord agrees loan for R&D in hearing aids

Hearing aid. Photo: GN Store Nord A/S

NIB and Danish GN Store Nord A/S have concluded a seven-year loan agreement, totalling EUR 75 million, earmarked for a research and development programme 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. The total budget for the programme amounts to DKK 1,350 million (EUR 180 million). In its R&D efforts, GN Store Nord closely cooperates with research institutes and universities seeking access to the most recently developed knowledge.

Established in 1869 as a telegraph company, the Denmark-headquartered GN Store Nord is a global market leader in hearing aids and hands-free communication. GN employs approximately 5,000 employees in 34 countries.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact
Mr Vagn Lundhøj, Senior Manager Origination, at +358 10 618 0370,
Mr Dimitrijs Alehins, Senior Communications Specialist, at +358 10 618 0296,