April 5 (SeeNews) - The European Bank for Reconstruction and Development has provided a 5 million euro ($5.6 million) loan to Romanian roof tile maker Depaco, part of TeraPlast Group [BSE:TRP], to finance the development of a new production and storage facility, the bank said on Friday.
Besides the new facility, which will have the capacity to produce 10 million square meters of roof tiles and profiles, the proceeds of the loan will be used to refinance existing loans, the EBRD said in a statement.
As part of the financing package, Romania's TeraPlast Group will also set up a partnership with a local training institution to enhance vocational training opportunities for young people.
TeraPlast Group said earlier this week that it has set up a new unit - TeraPlast Recycling, following the detachment of its recycling business line. This step resulted from the need to see recycling as an independent business, which the group plans to develop further, TeraPlast explained.
TeraPlast Group, founded in 1896, has a product portfolio comprising several business lines, including installation, PVC joinery profiles, compounds, thermal insulating panels, windows, doors and metallic tiles – by Wetterbest brand.
($ = 0.8905 euro)