The reinsurance scheme has meant that we are almost back to business as usual – even on the affected markets. We have regained peace of mind so we can concentrate on what we are good at.
When the economic crisis struck, a number of Bramidan's key markets in Eastern Europe and Asia were hard hit.
Bramidan's credit insurance company was no longer willing to bear the risk in these markets and withdrew its cover. This put Bramidan's long-standing customer relationships to the test, because the customers needed to make purchases on credit, but Bramidan was very reluctant to bear the credit risk itself.
"With one good South Korean customer, we had to withdraw the line of credit when it was cancelled because of the economic storm South Korea was weathering in autumn 2008," says Henrik Dueholm Madsen, Managing Director, Bramidan.
Bramidan manufactures equipment for compacting recyclable packaging waste and exports more than 90 per cent of its production to more than 40 countries.