March 29 (SeeNews) - Belgium-headquartered insulation products manufacturer Knauf Insulation said on Wednesday that it will have invested more than 135 million euro ($146.5 million) at its production facilities in Romania's Tarnaveni once the construction of its new factory there is completed next year.
The new production facility will have an output capacity of 100 million sq m of mineral wool and will employ over 100 people, Knauf Insulation said in a press release.
The construction of the new factory started earlier this year. It will be the most modern mineral glass wool plant of Knauf Insulation in Central and Eastern Europe, the company said.
The total investment in the Tarnaveni facilities will add more than 50 million euro to the company's annual turnover, Knauf Insulation said.
The investment will attract related investments and support the development of local suppliers of products and services, said Adrian Garofeanu, director general of Knauf Insulation Romania and Bulgaria.
Last year, Knauf Insulation bought the mineral glass wool factory in Tarnaveni owned by local peer Gecsat and invested more than 4 million euro in its overhaul, increasing output from 7,000 tonnes per year of mineral wool to 10,000 tonnes.
With over 40 years of experience in the insulation industry, Knauf Insulation employs almost 6,000 people across more than 40 countries with 28 manufacturing sites in 15 countries. The company is present in Romania since 2008. Knauf Insulation is part of Germany-based Knauf Group, which employs more than 40,000 people worldwide, operating 300 factories and generating sales of over 12.5 billion euro in 2021.