October 11 (SeeNews) - Romanian glass maker Stirom [BSE:STIB] has said its Greek parent Yioula has entered into an agreement to sell the company to Portuguese group BA Vidro for an undisclosed sum.
The transaction is expected to be closed by the end of the year subject to approval from Romania's anti-trust body, Stirom said in a statement filed with the Bucharest Stock Exchange, BVB, on Monday.
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Yioula is selling substantially all of the company’s glass container business, which also includes Drujba Glassworks in Bulgaria, but excludes the glass tableware and Ukrainian glass container businesses, Yioula said in a statement posted on its website.
Stirom was founded in 1968 in Romania's capital Bucharest under the name of Glass Articles Factory Bucharest. In 1990, it became joint stock company under the name of Stirom SA, and in 1995 became majority private company. In early 2003, Stirom SA was taken over by Yioula Glassworks.
Stirom's net profit rose 6% up on the year to 11.7 million lei ($2.9 million/ 2.6 million euro) in the first half of 2016. Turnover increased 23% to 138.7 million lei, the company said earlier.
The Romanian company's net profit surged 77% to 16.3 million lei last year, as turnover increased 23% to 251 million lei, according to data posted on the finance ministry website.
Stirom was trading up 14.66% to 15.25 lei as at 0807CET on Tuesday on the BVB.
BA Vidro was founded in 1912 and employs 2,400 in eight factories in Spain, Poland and Germany, where it makes 6 billion glass containers per year.
(1 euro = 4.5175 Romanian lei)