March 25 (SeeNews) - Romanian fiberglass mesh manufacturer BICO Industries completed the acquisition of Moldovan peer Terra Impex, marking its entry in the Moldovan market, BICO's parent holding ROCA Industry [BSE:ROC1] said.
The transaction was signed in December, ROCA Industry said in a statement filed with the Bucharest Stock Exchange, BVB on Thursday.
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"We have a three-pillar development strategy, the first one being the production capacity increase by 50% of Terra Impex, with a goal of reaching a production of 30 million sq m per year. The total value of the investment plan, including the acquisition, is 19 million lei ($4.2 million/ 3.8 million euro)," BICO Industries CEO Adrian Butuc said.
By the end of April, BICO also aims to complete a 12 million lei investment plan to expand by 30% the production capacity of the its factory in Vaslui. BICO is also starting an investment plan in the Piatra Neamt factory, with an estimated total value of 44 million lei, for the development of new business lines in the technical textile industry.
"The goal of BICO for the next five years is to become one of the most important regional players by implementing an ambitious plan of direct investment in expanding the production capacity and product portfolio as well as in the team," ROCA Investments CEO Liviu Stoleru said.
BICO Industries was incorporated in 2006. It manufactures fiberglass mesh for thermal systems, drywall and other industrial materials reinforcement, and corner pieces with mesh reinforcement. The company has two plants in Piatra Neamt and Vaslui.
ROCA Industry is part of investment platform ROCA Investments, launched in December. Its shares were trading 2.91% lower at 10 lei on Friday on the BVB, at 1024 CET.
(1 euro=4.9489 euro)