Utica, NY (February 12, 2010) – Remet Corporation is pleased to announce the 3-year renewal of a $17 million line of credit and term facility through Bank of America Business Capital under substantially the same terms and conditions of the previous agreement . The company has been a client of the bank for more than five years and will use the facility for its working capital needs. Bank of America Business Capital also provides worldwide treasury management services to Remet.
“Bank of America has a strong relationship with Remet and we are pleased to provide them with a creative financing solution that provides the structure and flexibility to maximize the company’s borrowing power and support their business strategy,” said Robert Arth, Executive Vice President of Bank of America Business Capital.
Remet Corporation
Remet Corporation and it’s subsidiaries are headquartered in Utica, New York. Remet’s PIC business is a leader in the global Precision Investment Casting industry and has continued to aggressively expand its value added product offerings from “Concept to Casting” through extensive research & development and long term strategic relationships. REMET Alcohol serves key markets utilizing USP grade, Kosher Certified ethanols; specialty denatured alcohol (SDA) formulations approved by the Tax and Trade Bureau (TTB). REMET's "Enhanced Wax Products" group of businesses combine years of REMET research & development with each company’s extensive marketing efforts. They service various industries with an extensive range of highly engineered specialty wax products. The wide range of markets serviced include: microcrystalline; paraffin wax; candle; packaging; coatings and other specialty applications.
“Bank of America and its top notch financial team has been instrumental in supporting Remet’s continued success”, said John Paraszczak, President & CEO of Remet Corp.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 59 million consumer and small business relationships with 6,000 retail banking offices, more than 18,000 ATMs and award-winning online banking with nearly 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
