HASSELT, SEPTEMBER 28, 2011. The investment company LRM will invest 92,500 euros in Dingens Barometers & Clocks (Dingens), an SME, through a Plus loan. The funds will contribute to the development, production, and marketing of the new, mercury-free Innovacelli barometers.
European ban offers opportunities
In 2007, Europe banned the use of mercury in barometric applications. This decision forced Dingens to take another course and look for real alternatives. Together with Innovation Centre Limburg, a project was launched for the development of a new, mercury-free system for pressure measurement. By combining techniques from different sectors, Dingens succeeded in achieving this objective. The new mercury-free barometers are marketed under the name Innovacelli.
New applications offer opportunities
The Innovacelli Barometer is a piece of state-of-the-art technology, and for that reason, the barometer was selected to participate in the Belgian pavilion at the World Expo 2010 in Shanghai. It would eventually result in being a turning point for Dingens after the ban of mercury, particularly since the medical world showed an interest in this new technology. Specifically, the accuracy, durability, and flexibility of the Innovacelli attracted attention. From the U.S., Canada and Asia, demand for the new barometer is increasing, among other things, for the calibration of various medical devices.
Oxygen for growth
By providing a Plus loan, LRM will invest 92,500 euros in this innovative technique, which enables Dingens to start the production and marketing of the Innovacelli barometers. The U.S. and Canada are major potential markets for Dingens and they would like to start supplying these markets this autumn. For the promotion of the mercury-free barometer, Dingens will also be present at medical fairs in Florida and Washington. A local importer will be responsible for distribution in the U.S. market.
Paul Dingens, Dingens Barometers & Clocks: "Thanks to the financing of LRM and cooperation with the Innovation Centre, we have succeeded in developing mercury-free barometers and guarantee the survival of our family business."
Via the Plus loan, LRM makes risk capital available to smaller, family-run SMEs. This subordinated loan is free from all kinds of safeguards, and is provided in addition to bank lines of credit and/or own resources of the entrepreneur. Bankers regard these Plus loans as additional quasi-equity. The Plus loan is provided for amounts from 50,000 euros to 500,000 euros at a fixed interest rate of 8% annually. The loan has a term of seven years, including an exemption of up to 2 years for the repayment of capital.
Stijn Bijnens, General Manager of LRM: "Dingens is the proof that innovation can also be vital for small businesses. By applying a bold innovative approach, Dingens Barometers & Clocks has turned a threat into a new opportunity. Via the Plus loan, LRM can also provide the initiatives of smaller SMEs with risk capital, and create a leverage to attract additional bank financing."
About Dingens Barometers & Clocks
Dingens Barometers & Clocks in Beringen started nearly half a century ago as a manufacturer of barometers, and has made a name for itself in many countries.
The barometers were mostly bought by consumers in order to read a weather forecast. The Innovacelli barometer means a new start and new opportunities for Dingens. With the new range, Dingens wants to reach a much broader audience, including more professional users.
http://www.barometers.com
Further information:
Dingens Barometers & Clocks
www.barometers.com
T +32 11 34 05 50
E pdingens@hotmail.com
LRM
Jeffrey Alenus
T +32 11 24 68 19
M +32 475 93 03 61
E j.alenus@lrm.be