Romania's TeraPlast buys 70% of local packaging producer Somplast
Teraplast factory, Romania Author (Teraplast.ro) License: all rights reserved.
BUCHAREST (Romania), December 30 (SeeNews) - Romanian manufacturer of PVC pipes and fittings TeraPlast [BSE:TRP], the parent company of TeraPlast Group, said it acquired a 70% stake in local flexible packaging producer Somplast.
The acquisition is part of the TeraPlast Group’s development strategy alongside planned investments worth over 32 million euro ($39.9 million) currently being implemented, TeraPlast said in a statement filed with the Bucharest Stock Exchange, BVB, on Tuesday.
The company financed the acquisition from the recent sale of a land plot in Brasov for 1.3 million euro, it said without elaborating.