Marelli says it has secured US$1.2bn in additional funding from shareholder, KKR and Japanese banks in the light of current uncertainty caused by COVID-19.

Prior to securing the long-term funding Marelli introduced a number of measures to anticipate and react to the COVID induced-shutdowns, which protect the business and maintain financial flexibility.

“The effect of the COVID-19 pandemic on the global automotive industry has been significant,” said Marelli CFO, Christoph Hobo. “This funding demonstrates the strong support of our shareholder and our banks and their belief in the outlook for Marelli, its people and our overall strategy.

“Access to this additional capital gives us the flexibility to withstand an extended market downturn and protects the long-term financial health of the business, allowing us to continue the execution of our strategy with greater certainty and confidence.”