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Italy's Guala Pack to open 14 mln euro packaging film factory in Romania

Italy's Guala Pack to open 14 mln euro packaging film factory in Romania

BUCHAREST (Romania), July 12 (SeeNews) - Italian flexible packaging maker Guala Pack plans to open a new factory in Romania following a 14 million euro ($15.7 million) investment, SACE Simest, which has backed financially the project, said.

The packaging film factory in Romania will meet the growing demand of the entire region, SACE Simest, the export and internationalisation division of Italian state-owned banking group CDP, said on Thursday in a press release.

The investment will be funded with a bond issue which was fully subscribed by SACE Simest.  The operation will be coordinated by UniCredit as the sole placement agent.

"This operation is a novelty for us as it is the first time that we resort to bonds in order to finance our growth. We are pursuing this a differentiation of financing  sources at a time when the company is facing large investments linked to international growth," Guala Pack president Michele Guala said.

The exact location of the plant was not disclosed.

Guala Pack has been present in Romania since 2011 and has a pre-made pouches factory in Nadab, in Arad county, where it employs 270.

($=0.8883 euro)

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